Investors Keep Faith With Scurri

30 Jun 2020 | 10.57 am

Investors Keep Faith With Scurri

Equity funding tops €7m

30 Jun 2020 | 10.57 am

Wexford eCommerce software company Scurri says it has raised €1.5m investment from existing investors. They include Act Venture Capital, Episode 1 and Pa Nolan.

Scurri’s software connects and optimises the e-commerce ordering, shipping, and delivery process. Customers include eBay, Vision Direct, Gousto, Gymshark and Ocado, and the Scurri solution provides integration with delivery companies such as UPS, Royal Mail, DHL, TNT, DPD, Yodel and Hermes.

John O’Sullivan, general partner at Act Venture Capital, commented: “eCommerce scale needs a seamless experience – product choice, UI, checkout, tailored delivery and confidence in returns – all need to work brilliantly.  Scurri’s SaaS platform underpins the delivery experience for many of the fastest growing independent eCommerce brands that are redefining their categories. The team has built a great platform.”

Damien Lane of London-based Episode 1 Ventures added: “Scurri has developed a best in class solution for its customers and we are excited to continue to support them as they expand into new territories.”

Company founder and CEO Rory O’Connor  (pictured) noted that as a result of the pandemic eCommerce is booming. “The market for Scurri has now greatly increased and is years ahead of where it would have been pre-Covid,” he stated. “We are in a very fortunate position and excited about what the next twelve months will bring.”

Scurri Web Services Ltd has turnover of €1.6m in 2018, up 26% on the previous year. The company booked a loss of €880,000 and ended the year with negative net worth of €270,000.

The company had €4.6m equity invested in December 2018 and the annual accounts filing notes that €1.5m was raised in early 2019, including €250,000 from taxpayers through Enterprise Ireland.

In the November 2019 filing, the directors stated that they were confident of raising additional equity capital of c.€1m in Q1 2020 and additional equity finance of c.€4m before the end of 2020.

 

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