The stake purchase follows H&M Group Ventures’, the venture capital division of the global retail giant, Skr75m ($6.78m) investment in Voyado.
This infusion of capital comes as part of a recent share issuance and signifies a pivotal moment for Voyado’s ambitions to broaden its reach beyond domestic borders.
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Notably, H&M has maintained a longstanding client relationship with Voyado, utilising their services for an extended period. This investment extends their ongoing collaboration and fortifies their partnership.
Voyado’s platform is designed to enhance retailers, online commerce entities, and brands in cultivating enduring consumer relationships from the initial interaction to faithful advocacy.
The technology is intended to bolster profitable transactions by refining e-commerce operations, tailoring customer experiences, and harmonising communications across various channels.
H&M Group Ventures head Erik Lagerblad said: “We are really impressed by Voyado’s journey so far. After rolling out their solution globally, we’ve seen firsthand the difference it makes in creating value at scale. That’s why it makes perfect sense for the H&M Group to deepen our partnership through an investment, which will further support Voyado’s future growth and strengthen their offering for other enterprise customers.”
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By GlobalDataVoyado has gained an annual growth rate of 35%, capturing a portion of the market within the Nordic countries and Benelux.
The company has experienced significant growth over the past few years, with its revenue rising from €6.6m in 2018 to €16m in 2020.
The company’s growth is said to be fuelled by its focus on the retail sector and its ability to tackle industry-specific challenges. These strengths are now driving Voyado’s expansion into key international markets such as the UK and Germany.
Voyado aims to refine its platform in response to evolving consumer behaviours, with H&M Group’s insights playing a key role.
The focus is on providing a versatile and scalable solution that can be tailored to meet local market needs and expectations.
Voyado CEO Erica Sandelin Ekelund said: “Our ambition is to establish Voyado as Northern Europe’s most beloved retail tech companion while maintaining profitability and scalability. H&M Group’s investment will provide additional resources and expertise to help us further develop our platform and support an increasingly international customer base, benefiting existing and new customers.”
Voyado’s investor portfolio includes Novax, Verdane, and eEquity. Although H&M Group will not hold a position on the board of directors, its delegates will actively engage in strategic discussions in alternative forums.
The company has broadened its team to 300 members across Northern Europe and is witnessing swift expansion with its growing international customer base.
