“Tinder for retailers” secures major £300k investment
Product Guru, the retail technology platform touted as “Tinder for retailers and suppliers”, has secured a £300,000 investment.
The young Scottish start-up, which already counts John Lewis, Tesco and TK Maxx as buyers, secured the cash thanks to interest from major investors including retail technology investment firm Belmond Capital and Scottish retailer Scotmid.
Founded in 2018, the platform aims to offer fledgling suppliers a simple route to being stocked in major retail stores.
Its platform allows buyers to browse and “match” with items from any suppliers who sign up.
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“From the retailers’ point-of-view, they may have lots of customer-facing modern technologies in their stores – such as automated checkouts or digital ads – but Product Guru is the first technology platform to shake-up their back-office product discovery operations and make it easier for them to discover the latest trends and find exciting new products for their customers,” Product Guru’s founder Simon Coye said.
The investment will reportedly be used to further develop the platform for both buyers and suppliers, adding analytics and intelligent recommendations while expanding its audience.
Belmond Capital’s managing director and former head of WHSmith Asia Patricia Poon added: “Product Guru is solving problems on both sides of the fence – it allows both local and international emerging brands to get their products in front of buyers and it allows retailers to stay on trend and choose from a wide selection of options cost effectively at the click of a button.
“Product Guru’s intelligent platform digitises retailers’ product discovery workflows, and greatly improves the productivity of retail buyers.”