Virtualstock, a Reading-headquartered tech start-up which provides cloud-based inventory solutions for retailers like Tesco, Argos and John Lewis, has announced a further £3.4 million in funding which has valued the business at almost £70m.
Rene Schuster, the former chief executive of telecoms giant Telefonica in Germany, is also joining the firm as its chairman.
The funds, raised through the Enterprise Investment Scheme, will be used to prepare the firm for international expansion, after Virtualstock’s headcount increased from 20 to 116 over the past two years.
Virtualstock, which also provides solutions to a number of NHS trusts, was previously valued at £66m following a £4.5m investment led by Notion Capital in 2017.
Its tech product allows retailers to ‘Amazon-proof’ their businesses by connecting them to extended product ranges without the need to hold extra stock in their inventory.