Virtualstock has successfully appointed René Schuster as its new chairman and has raised £3.42 million through the Enterprise Investment Scheme (EIS). This development marks a significant step forward for the company.
René Schuster’s impressive track record in leading major telecommunications firms promises to herald a new era of growth and expansion for Virtualstock, especially with the recent funding round boosting the company’s capital for future endeavours.
Virtualstock has announced the appointment of René Schuster as chairman, bringing his extensive experience in technology and telecommunications. Schuster is recognised for his tenure at Telefonica Deutschland, where he managed Europe’s largest IPO in 2012, raising €1.6 billion for the Telefonica Group. His expertise is anticipated to drive Virtualstock’s strategic growth and scalability.
The recent investment round, which saw Virtualstock raising £3.42 million, was part of an oversubscribed effort under the Enterprise Investment Scheme (EIS). This fundraising brings the total primary capital invested into the business to £7 million, highlighting strong investor confidence.
Previously valued at £66 million, Virtualstock’s post-money valuation now stands at approximately £69.5 million, demonstrating substantial financial growth and potential for expansion.
The funds acquired are pivotal for Virtualstock as it gears up for significant growth and international expansion.
The company has experienced remarkable momentum, with revenue growth rising from 63% to 74% over the past two years, indicating a robust business model.
With a headcount increasing from 20 to 116 employees, Virtualstock is already scaling its operations to meet growing demand.
Schuster lauds Virtualstock’s strong management and unique market proposition, which effectively addresses the demands of the retail and healthcare sectors.
Virtualstock serves top UK retailers and the NHS, providing solutions that help navigate rapid structural changes in these industries.
René Schuster expressed enthusiasm about leveraging his experience to expand Virtualstock’s offerings across new verticals and markets.
CEO Andrew Mills echoed this optimism, welcoming Schuster’s vast network and expertise, particularly in advising high-growth companies on scaling and capital raising.
The leadership’s united vision aims to facilitate Virtualstock’s growth and innovation on a global scale.
CEO Andrew Mills expressed appreciation for the strong interest and support from new investors in the latest fundraising round.
The successful funding injection aligns with Virtualstock’s ambitious growth goals, further consolidating its market position.
With strategic leadership and sufficient funding in place, Virtualstock is poised to enter its next phase of development. The emphasis on international expansion and sectoral diversification marks a pivotal moment in its business journey.
The appointment of René Schuster and the successful fundraising round underscore Virtualstock’s strategic direction and growth potential.
Virtualstock is on track to leverage its resources and leadership to expand internationally and enhance its service offerings in retail and healthcare sectors.