Funding to scale Snappy Group’s retail technology in UK
SCOTTISH tech firm Snappy Group has secured a seven-figure investment from Virgin Money to support its retail technology and marketplace platforms across the UK.
The Dundee-founded team has called this a milestone achievement for the firm and will strengthen its ability to invest across its suite of products and support growing enterprise demands within the UK’s retail sector.
Barry McGonagle, chief financial officer at Snappy Group, said: “We are delighted to secure this facility with Virgin Money at such an important moment for Snappy. Demand for our products and services is growing rapidly, transaction volumes across the platform are at record levels, and the market opportunity in front of us is significant.”
The backing from Virgin Money comes at a key time for Snappy Group as well as demand for its product suite continues to grow across the UK. This has seen recent partnership announcements with major retail players Co-op, Spar and Musgrave which have all selected Snappy as the provider for their home delivery services.
McGonagle has noted that, as the firm continues to strengthen its position in the market, this money will further enable the team to increase their capacities and flexibility to match demand within the sector.
He said: “This facility adds further firepower alongside previous equity investments and gives us the capital and flexibility to accelerate into that opportunity with confidence. We have known the team at Virgin Money for several years and are pleased to be partnering with them as we enter this next phase of growth.”
Andrew Sirrat, senior director of Venture Debt at Virgin Money, said: “We have closely tracked Snappy Shopper’s progress over several years and have been consistently impressed by the strength of the business and its sustained growth.
“We are delighted to support one of Scotland’s leading scale-up technology companies through this lending facility and look forward to backing the next phase of its ambitious expansion.”
