Virtualstock announces EIS fundraising, new Chairman
Virtualstock has completed an Enterprise Investment Scheme (EIS) fundraising round of £3.42 million, valuing the company at approximately £69.5 million.
This follows a fundraising round led by Notion Capital in July 2017 of £4.5 million. It takes the total primary capital invested thus far into the business to £7 million. The British company, which provides supply chain solutions via its SaaS platform, The Edge, to the likes of Tesco, Argos and John Lewis, is using the funds to embark upon its next phase of growth and prepare for international expansion.
Virtualstock has also announced the appointment of former CEO of Telefonica Deutschland, René Schuster, as Chairman. Andrew Mills, Virtualstock CEO, comments: “René brings a vast network and wealth of expertise in leading multinational companies and advising high growth companies on scaling up and raising capital in the telecommunications and technology sectors across Europe and America. He will be hugely valuable to Virtualstock as we embark upon our next phase of growth and prepare for international expansion.”