The Swedish fashion group H&M Group is investing in Voyado, a Swedish retail technology platform.
The Swedish fashion group has acquired a minority stake in the technology company, Voyado announced on Wednesday. The investment is intended to improve and expand the platform’s functions and promote international expansion.
“We are really impressed with Voyado’s journey so far. Having made its solution available globally, we have seen first-hand the difference Voyado is making in creating value at scale,” said Erik Lagerblad, Head of H&M Group Ventures. “Therefore, it makes perfect sense for H&M Group to deepen our partnership through an investment that will further support Voyado’s future growth and strengthen its offering to other corporate customers.”
Before the investment, the H&M Group was already one of the company’s 350 customers, which also includes the Danish Bestseller Group. Voyado’s technology is designed to enable retailers, e-commerce companies and brands to build long-term customer relationships. The Engage product, for example, is intended to enable tailored customer experiences through insights and campaign automation powered by artificial intelligence.
“Our goal is to establish Voyado as a valued technology partner for retailers in Northern Europe while maintaining profitability and scalability. H&M Group’s investment brings valuable know-how and resources,” said Voyado CEO Erica Sandelin Ekelund. “These go hand in hand with our efforts to scale faster and expand into new segments to create added value for our existing and future customers.”
Voyado, founded in 2005, has achieved an annual growth rate of 35 percent in recent years and has expanded its activities particularly in Northern European countries as well as in the Netherlands, Belgium and Luxembourg. With this foundation, they now want to grow in key markets such as Great Britain and Germany.