It seems Blippar, the augmented reality and image recognition platform is on a roll. Last year, it acquired another AR startup, Layar and last month itself it got $45 million funding from various investors. Now the company is about to get another huge finance facility from Barclays Bank. The financing will help Blippar to support the capital necessities of the business as it continues its growth. With the funding, the company will expand further in the upcoming days and also increase the number of employees.
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The Growth of Blippar
Blippar has grown significantly over the last few years. Now it has 200 employees worldwide and 50m app users across the globe. With headquarters in London, the company has opened branches in different locations globally, which include New York, San Francisco, Istanbul, Los Angeles, Chicago, Delhi, Amsterdam, Mumbai and Tokyo. As mentioned earlier, it also acquired Layar last year.
Using the Blippar augmented reality app, users will be able to scan any relevant brand logo or the Blipp icon which acts as the marker. On scanning, interactive content is unlocked. Global brands like Pizza Hut, Coca Cola, Pepsi, Maybelline and Heinz are the customers of Blippar, but the company is looking to move forward with the funding.
How Will the Financing Help?
Blippar can manage cash flow efficiently now, with this additional funding, as it can serve the requirements of existing customers as well as new brands. All of them work using extensive payment terms. With the finance, the company will be free to use equity for the creation of intellectual property and employ new staff with the growth of the business.
Ambarish Mitra, the Co-founder and CEO of Blippar said “As we work with big brands, development and payment cycles can be long, so we have to function like a much bigger business. In reality, we are still a relatively small firm and have all the same pain-points as an SME. Knowing the financial support is there to manage money going in and out of the business gives us increased confidence in working with global industry-leading organizations.”
Juliet Rogan, the relationship director of Barclays’ Technology, Media and Telecoms team, said “Blippar’s growth has been quite remarkable. To become an industry leader in such a short space of time is testament to the founders’ ability to identify a world-changing idea and execute a business strategy, which quickly captured the attention of major brands like Coca-Cola and Samsung.”
So, now with this funding we can expect to get more from Blippar in the coming days.
What do you think?
Do you think Blippar will grow even more with this additional funding? Have you used the Blippar app? Share your thoughts in the comments below.
Image Source – windowscentral.com
Article Source – thedrum.com