A new online platform designed to connect retail buyers with product suppliers has secured a sizable investment to take its concept to mainstream markets.
Described as ‘Tinder for retailers and suppliers’, Product Guru, has secured £300,000 of investment from Asia-based retail technology investor Belmond Capital, Scottish retailer Scotmid and Scottish Enterprise.
Buyers from high street retailers including John Lewis, Tesco and TK Maxx have already signed up to use the technology platform, which allows their buyers to find new products for their shelves.
Simon Coyle launched Glasgow-based Product Guru in September 2018 after spotting a gap in the market.
“After running my own companies for nearly 20 years, I have first-hand experience of how difficult it can be for emerging brands to get their products in front of retail buyers,” he said.
“From the retailers’ point-of-view, they may have lots of customer-facing modern technologies in their stores – such as automated checkouts or digital ads – but Product Guru is the first technology platform to shake-up their back-office product discovery operations and make it easier for them to discover the latest trends and find exciting new products for their customers.”
He added: “This £300,000 investment will allow us to further develop our platform for both buyers and suppliers with analytics and intelligent recommendations, while marketing our services to a much wider audience.
“Buyers are pushed for time, so Product Guru makes it quicker, easier and – ultimately – cheaper for them to connect with potential suppliers.”
Patricia Poon, managing partner and founder of Belmond Capital said: “Product Guru is solving problems on both sides of the fence – it allows both local and international emerging brands to get their products in front of buyers and it allows retailers to stay on trend and choose from a wide selection of options cost effectively at the click of a button.”