Scottish technology company Snappy Group has announced it’s just secured a seven-figure funding facility with Virgin Money’s Venture Debt team, as the business continues to “scale its retail technology and marketplace platforms across the UK.
The move marks an important milestone for the Dundee-founded company, strengthening its ability to “invest across its product suite, support growing enterprise demand and accelerate the rollout of its technology to UK retailers,” it added.
Best known in stores for its Snappy Shopper quick-commerce marketplace, the group has also evolved into a broader retail technology platform, providing marketplace, order aggregation (OA), white label (technology and software that can be branded to suit the user) and retail media solutions to retailers across the UK.
Growing momentum
The backing from Virgin Money follows a period of significant momentum, with transaction volumes across Snappy’s platform hitting record levels and annualised grocery gross merchandise value (GMV) exceeding £150m and growing rapidly.
Snappy Group works with a wide range of independent and national retail partners across the UK convenience sector, including Spar, One Stop, Morrisons and the Co-op, who’ve selected Snappy as their preferred partner as they seek to expand their rapid delivery offerings.
Demand for Snappy Technologies’ OA product also continues to grow, with a strong pipeline of other major global retailers now in discussion, the group said. The new Virgin Money facility gives the group increased flexibility and capacity as it enters a significant period of commercial growth.
Barry McGonagle, chief financial officer at Snappy Group, said: “We’re 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 is significant.
“This facility adds further firepower alongside previous equity investments and gives us the capital and flexibility to accelerate into that opportunity with confidence. We’ve 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 Stirrat, senior director of Venture Debt at Virgin Money, added: “We’ve 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’re 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.”
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