Product data vendors SyndicatePlus have raised a fresh funding round of EUR1.2 million. The round is being lead by Walvis Participaties, the investment fund of John Fentener van Vlissingen (founder of BCD Travel) and completed with commitments by various angels.
SyndicatePlus gathers, improves, processes and resells information about products to various resellers. In its two-year lifespan it has managed to collect a database of over 250.000 products, with full details, including images. To retailers connecting with the SyndicatePlus database implies adding new products to their range is relatively straightforward and their product details are always up to date. Brands (producers) pay to get and keep their products listed in the database.
These services are getting increasingly relevant with the recent EU legislation around food information. Retailers, including webshops and apps, are obliged to offer full information on the ingredients and characteristics of all foods offered in their stores. SyndicatePlus can help webshops comply with these new European bureaucratic horrors.
SyndicatePlus was part of the 2013 Rockstart class, so the recent funding comes roughly 1.5 years after graduating from the accelerator. At EUR1.2 million it is another funding success in a string of impressive rounds the Rockstart startups have raised.
The round was lead by Walvis Participaties, the investment fund of Dutch business mogul John Fentener van Vlissingen. Fentener van Vlissingen is not just part of an incredibly wealthy family of Dutch entrepreneurs, but also one of the Netherlands’ most successful entrepreneurs himself. He founded BCD Travel, a corporate travel agency, which grew to one of the leading agents in the world and now has a turnover of over US$20 billion a year.
Besides Walvis there were various angel investors that took part in the round, including one of the founders of the Dutch franchise of Just Eat. The funding is to be used on further improving the product. Founder Pieter van Herpen: “We’re going to strengthen the team with developers and have much to improve primarily in the areas of data exchange and the communication between suppliers and web retailers.”
Photo by Pieter van Marion (creative commons via Flickr)