Pitch deck we are using to raise $6m for Veeqo from VCs
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We have just started the process of raising a $6m (£4m) funding round for Veeqo, and I wanted to share the pitch deck we are using for this. Veeqo is SaaS startup focused on helping retail brands sell and ship everywhere. We took (deep) inspiration from the Front pitch deck for this (thanks Mathilde Collin!). Two weeks in, and following 12 meetings, we’ve had some really positive feedback from VCs and progressing to next steps with all of them. Going into the process I really didn’t know what to expect. I had a fear that our traction or growth was not impressive enough compared the stories you read on TechCrunch. The reality is we have been so heads-down and self-critical over the last few years, we didn't have a clue how well we were doing. Turns out, pretty good - lots of nice comments so far, but I await to see the terms sheets :-) Prior to any face-to-face meeting with VCs, I always send over all the other documents that make up our investor pack. I prefer they have everything in advance, so that we’re not wasting each other's time. The documents I always include are: 1/ Our go-to market strategy (slides) 2/ Product Roadmap (slides) 3/ 3-year financial forecast (giant Excel sheet) I found it interesting that whilst all VC care about the key things like market size, team, product etc, that each VC has a bias to one area. For example, so far only one VC has had a strong bias towards product and roadmap. A few were focused on the market and its TAM, and a few others on commercials and the business’s ability to scale. I invested about a week to create the investor pack, and had a lot of support from key members of my team. It was a great exercise anyway to review our current strategy and progress to date.
Pitch deck we are using to raise $6m for Veeqo from VCs
- A platform anyone can use to sell everything, everywhere.
- Buying has changed
- Selling has changed 2017 Mobile-first marketplaces go mainstream with 10s of millions of customers 1950’s 2000’s Chain Stores Websites and marketplaces 1980’s Mail order 2016 Rise of dedicated mobile apps like ASOS Retailers need a selling platform to handle new world of Omnichannel 2019 Instagram becomes marketplace with 800 million monthly users. 2018 Google launches marketplace to rival Amazon The Future
- But retail wasn't built for omnichannel Ecommerce, marketplaces social, mobile and retail stores are the new retail. Brick and mortar stores Website Marketplaces Payments $ £ € Accounting Shipping Suppliers Warehouses Reporting and Analytics Retailer Refunds Fees Tax Listings Shipping costs Overseas Picking Packing Performance management Multi- currency Returns POs Overselling Stock control ePOS SSL GDPR Product management Social Mobile Inventory control
- So we built the first omnichannel platform for retailers
- So we built the first omnichannel platform for retailers
- Helping retail brands sell everything, everywhere. Pick, Pack & Ship Automating the warehouse with paperless process and handheld scanners. Ecommerce, Marketplaces & Social Orders are processed from one platform, with inventory synced automatically. Retail Stores Staff can ship online orders from store and offer click & collect Accounting Data is cleansed before being sent to accounts
- Over $300m worth of orders were processed through Veeqo in 2017 300+ retailers use Veeqo today 4.2 hours average usage time per user, per day 1,083 orders shipped per user, per month (via 3 different couriers) 11,214 inventory updates per user, per month (across 5.4 sales channels)
- Consistent revenue growth
- Strong KPI Trends SME Industry benchmark Gross MRR churn is trending down... ...and ASP is growing as our product evolves
- We’re signing bigger and bigger deals Sourcing the best value children's & adult's clothes, nightwear & accessories. High-quality essential and base oils, carefully sourced from all around the world. The UK's largest independent car audio dealer £60,000 ACV 35 users £30,000 ACV 25 users £20,000 ACV 20 users 2016 2017 2018 (Q1) New large deals signed (£12k+ ACV) Global skincare company UK-based clothing company Car radio supplier
- Our inbound sales team is highly effective Q3 2017 Q4 2017 Q1 2018 Inbound CAC LTVNew MRR Jan 2018 Feb 2018 March 2018 April 2018
- We’re building our outbound strategy Q3 2017 Q4 2017 Q1 2018 Outbound Sales Reps 2 Fully ramped up reps Ramping up reps Q3 2017 Q4 2017 Q1 2018 Outbound Performance ACV Pipeline Added ASP Q2 2018 4 6 8 Q3 2017 Q4 2017 Q1 2018 Q2 2018
- Our team is made up of world-class talent 5 25 38 42 2015 2016 2017 2018 (Q1) Matt Warren CEO and Founder Founded & exited 2 ecommerce companies Tom Singh NED Founder of New Look Dan McPherson NED Serial tech investor and entrepreneur Duncan La Barre Head of Marketing Ex Lucozade Daniel Vartanov CTO Ruby on Rails contributor and expert Mark Robertson Head of Sales Ex BCSG Headcount growth Cerys Davies Head of HR Ex Trustpilot
- Seed funding raised: ARR added £3m £xx Cash on hand Profitable in Monthly burn £xxx months£xxx We have a track record of capital efficiency
- Raised: £33m Founded: 11 years ago Raised: £13m Founded: 13 years ago Raised: £60m Founded: 17 years ago 4 reasons we are winning... 1. Built with modern scalable tech. We evolve our product faster. 2. Focus on Omnichannel, the future of retail. They are multi-channel. 3. Founder spent last 20 years in ecommerce. They have non-ecommerce CEOs. 4. Current solutions are dated and take months to onboard, we focus on ease of use with quick onboarding. Built a better product with less money & time
- Competitive landscape Omnichannel functionality Limited functionality Low price Enterprise price Shipping Inventory Warehouse Management Listing MobileFeatures:
- Total Addressable Market Ecommerce retailers with up to £25m annual turnover Sources: Digital Commerce / RJ Metrics / Referal Candy £92mARR potential ecommerce retailers 25,750 Today Soon One day £368mARR potential ecommerce retailers 103,000 £574mARR potential ecommerce retailers 213,876
- Our Target Market Enterprise Large Retailers Well-known brands with a huge annual turnover Growth Brands Fast-growing omnichannel retailers with a full logistics operation Rising Stars Retail giants of the future Ecommerce Startups Selling on marketplaces as a secondary income £ 150 PER MONTH OurtargetmarketPotentialmarket 5,000+PER MONTH £
- What’s next for Veeqo? Dominate UK Market ● Product investment to allow us to sell to larger retailers ● Launch key new USP features “Returns Portal” and “Parcel Tracker” ● Grow our recently launched reseller channel with web agencies ● Acquire larger retail brands by growing our outbound sales team Expand into the US ● Set up physical presence in the US ● Hire outbound sales reps and support ● Current Head of Sales to relocate to setup and run Product fit in the US ● xx customers in the US ● £xxx MRR from US ● £0 sales and marketing spend in US
- Our ARR roadmap Syncing website, marketplaces and shipping Omnichannel retail solution 1.0 Omnichannel 2.0 for retailers of any size Confidential Veeqo today 2015 2022
- Veeqo investment highlights Enormous Opportunity Ecommerce is the only trillion-dollar industry growing at a double-digit percentage each year. High-Growth Business Model Veeqo has a track record of delivering significant YoY growth. World-class Product Our software has been built by a team of passionate omnichannel experts. Veeqo is highly innovative, easy to use and loved by hundreds of retailers all over the world. Omnichannel Focus Veeqo is the only platform focused on the future of retail, which is omnichannel. International Appetite Whilst our focus has been mainly on the UK market for the past 3 years, over 20% of our customers are based internationally. We are currently raising £4m ...to scale Veeqo, becoming the world’s most complete platform for omnichannel retailers.
- Thanks Matt Warren - CEO and Founder matt@veeqo.com