Genk, Belgium-based Qviro, an online robotics marketplace, announced on Thursday that it has secured €1M in growth capital from investment funds LRM, Industrya, and imec.istart. The Belgian company says it will use the funds to roll out its online marketplace for Industry 4.0.
The company had previously received financial support from Vlerick Business School Entrepreneurship Fund, Vlaio, and Digital Attraxion.
Qviro: What you need to know
Founded by Sven De Donder and Jorg Hendrikx, Qviro digitises the procurement process of industrial technology such as robots and machines.
“User reviews are already used a lot today on webshops and consumer review platforms like Tripadvisor,” says co-founder Jorg Hendrikx. “But what makes Qviro so unique is that we use reviews in a professional context. We are the first company worldwide to collect reviews for purchasing and selling industrial automation technology. Those reviews make it possible to make a good choice for a buyer and are also a source of market insights. Then, we sell those data and insights to large industrial companies.”
Based on an intelligent search platform, Qviro’s review platform helps factories and engineers make confident purchasing decisions. Simultaneously, it provides vendors with market intelligence and data from potential customers.
Co-founder Sven De Donder says, “The users and customers of our review platform are located all over the world, so it is crucial that we also find that global culture in our team.”
Currently, thousands of engineers use the platform every month to buy technology. The company also works with industrial companies such as ABB (Switzerland), Doosan (Korea), and Kinova (Canada).
LRM is an investment company that claims to provide a solid foundation so that companies and projects that create jobs in Limburg can grow.
“As an investment company, LRM has been actively looking for companies that capitalise on Industry 4.0 for years,” says Tom Vanham, general manager at LRM.
He adds, “Qviro’s intelligent business model pushes all existing boundaries and responds perfectly to the trend of user reviews where buyers fall back on online user experiences. In combination with the driven management team, their trajectory at imec.istart and the confidence of Industrya, we believe enormously in the further growth of Qviro.”
Industrya is a €42M investment fund that invests in startups that serve industrial transformation. The fund offers incubation and acceleration programmes for and invests in bold, innovative startups and scale-ups that want to shape the industry and the world of tomorrow. The investment sectors are energy transition, new materials, and Industry 4.0.
“Qviro was the first startup to go through our incubation programme in 2021. We were immediately impressed with how their innovative business model is providing an evolution in the buying process of technology such as robots and industry 4.0,” says Alexandre Braconnier, Chief Investment Officer of Industrya. “Qviro was nurtured by a powerful ecosystem in Belgium and is now ready for the world. Together with management and co-investors, Industrya looks forward to supporting Qviro’s international growth.”