Worldover, a London-based software developer that powers the frictionless launch of physical products across global markets has revealed today the raise of £3 million in a seed funding round.
The £3 million seed round was led by Index Ventures and Chalfen Ventures, with support from Entrepreneur First and Plug and Play Ventures.
Launching a physical product into one market alone can present a mountain of paperwork, namely due to compliance issues, but trying to go global in one fell swoop can present a conundrum otherwise known as death by a thousand papercuts.
Putting automation to work, Worldover is building a system that dramatically reduces the manual data work required in the process of launching a physical product. According to the startup, its platform is able to reduce the time taken to achieve compliance by up to 90 percent and the cost by up to three times.
In addition to this automation, Worldover also serves as a collaborative management system for all compliance projects, with data and documentation updated across the supply and value chain in real time, ensuring compliance is always up to date.
Founded by serial entrepreneur, Edward Alun-Jones and former Head of Risk and Compliance at Heathrow Airport, Chris Gudde, Worldover is starting out life focusing on cosmetics, however, the startup plans to expand operations into further compliance-heavy industries in the future.
Alun-Jones commented:
“We want to reduce the pain involved with bringing physical products to market. Currently, companies are spending up to 1% of their total revenue on making their products compliant through consultancy costs or the need for extensive internal teams that manually process documents.
We've greatly accelerated the process by automating much of the data extraction. We’re starting with a laser focus on cosmetics, but our vision is to eventually enable any business to launch any product in any market.”
Lead image: Ramon Kagie
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