One of Wales’ leading technology firms has raised £3.3m to support its ambitious global growth plans.

Swansea-based Veeqo, which has a growing global client base for its e-commerce tech platform that helps retailers sync their inventory across multiple sales channels and fulfil customer orders, has secured equity investment backing from Octopus Investments. Its stake in the business has not been disclosed.

The latest investment round will allow Veeqo, which was founded by Llanelli-born Matt Warren in 2015, to increase its dominant position in the UK market, and to expand into the USA ‑ while building on what will continue to be its headquarters in Swansea.

Its expansion into the lucrative North American market will be supported by a new office there, which is expected to open either in New York or Austin later this year.

The firm, which currently employs 25 at its Swansea HQ, and 35 in total, plans to recruit up to a further 15 staff over the next year.

It is still on track to see its head count exceeding 200 in the years ahead.

Every year, the Veeqo platform powers over 31 million shipments by its user base. Hundreds of retail brands such as Brompton Bikes, Maidenhead Aquatics and Dove already use Veeqo to fulfil ecommerce orders to customers all over the world, with one Veeqo retailer shipping up to 10,000 orders a day during their peak season.

The Veeqo management team

Veeqo also has an office in London and Biskek in Kyrgyzstan.

Its chief executive Mr Warren said: “I’m passionate about building a global tech company from our home here in Wales. We’re the first Welsh company to raise a growth investment of this size, and it’s fantastic to be working with Octopus - one of the most well-regarded investment firms in London.

"With the high street facing increasing challenges day-by-day, retailers selling omnichannel have an opportunity to grow at an astonishing rate and Veeqo can help them achieve that goal.”

Richard Court, head of development Capital at Octopus Investments said: “Veeqo has a very exciting proposition and we’re delighted to be able to support this next phase of growth.

"The platform Matt and his team have created is market leading, providing SME ecommerce retailers with a strong back-end platform to manage their orders. As a result, Veeqo is positioned well to dominate the UK market and expand further into the USA.

"We look forward to working with the team and helping them deliver on their ambitious growth plans.”

Octopus join existing investors, Daniel McPherson and New Look founder Tom Singh, along with equity crowdfunding platform Seedrs, in supporting the company through its next growth stage.