Blippar announces $5 million pre-Series A funding round
UK-based augmented reality technology company, Blippar, has bagged $5 million in funding.
The pre-Series A round was co-led by Chroma Ventures, the investment arm of Paddy Burns’ and Chris van der Kuyl’s gaming company 4J Studios, and West Coast Capital, the private equity arm of Scottish entrepreneur Sir Tom Hunter and family.
Canadian entrepreneur Anthony Lacavera also contributed to the round through his Globalive Capital investment firm.
The new investment will be used to develop the company’s technology and accelerate its growth in key markets including the US, Europe and Asia.
Back in the game
Blippar has had an, erm, eventful history, with early investors pulling out and the company scrambling to find new backers.
Its technology has been used by the likes of PepsiCo, Porsche, Burberry, Cadbury, L’Oréal, and Procter & Gamble.
Faisal Galaria, CEO at Blippar, comments: “We are very excited to have attracted investors of this calibre.”
“Not only is this a solid vote of confidence in our technology from some of the most highly regarded industry veterans and business minds, but it also demonstrates sustained validation of the UK tech sector post-Brexit.”
Hunter comments: “Blippar has demonstrated strong progress with the turnaround plan put in place by Faisal and the team, and the business is now well placed to maximise the opportunities presented by the growing AR ecosystem. Hence we are delighted to invest.”