Blippar raises more cash as losses mount

Blippar raises more cash as losses mount

Blippar, an augmented reality and computer vision startup whose clients include Coca-Cola and Nestle, has pulled in $37 million in a funding round led by Candy Ventures and Qualcomm Ventures. This takes the total amount of capital raised by the company since its 2010 launch to more than $150 million.

Accounts filed at Companies House show that Blippar made a loss of £34.4 million in the year to March 2017, up from a £24.2 million loss reported for a 16-month period 12 months earlier.

The company told Sky News the losses were the result of it "prioritising investment into cutting-edge technology over short-term profits". It added that it had discontinued operations in Japan, the Netherlands and Turkey as it sought to cut spending.

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