Virtualstock completes funding round and names new chairman

London-based retail start-up Virtualstock, which provides cloud-based inventory solutions for six of the top 10 UK retailers, has completed an Enterprise Investment Scheme (EIS) fundraising round of 3.42 million pounds, and appointed René Schuster as chairman with immediate effect.

The Enterprise Investment Scheme, which was oversubscribed by 71 percent, takes the technology start-ups total primary capital invested into the business during its lifetime to 7 million pounds and has increased the value of the company to 69.5 million pounds.

In a press statement, Virtualstock states that the funds will be used to scale the business and to prepare for international expansion.

Additionally, Virtualstock confirmed the appointment of René Schuster as chairman. Schuster, who has a track record in growing global telecommunications and technology businesses, including leading Telefonica Deutschland through the largest IPO in Europe and most successful DAX IPO in 2012, raising 1.6 billion euros for Telefonica Group as chief executive.

Commenting on becoming chairman, Schuster said in a press release: "I have been impressed by the strength of the management team, the client base and particularly its unique proposition, built from an expert understanding of the specific needs of the retail and healthcare sectors, which is helping leading UK retailers and the NHS keep pace with rapid structural changes.

"With its blue-chip client base and compelling solution, I am excited by the opportunities presented to the group to roll out and scale its offering across other verticals and particularly across new international markets. I look forward to drawing upon my experience and global network to take the company into its next chapter of growth."

Virtualstock, who’s clients including John Lewis, Tesco, Sainsbury’s and Argos, as well as the NHS, provides cloud-based service, The Edge, which helps retailers drive efficiency, growth and customer satisfaction, supported by an integrated and seamless digital supply chain.