Swedish AI-powered retail technology platform Voyado, has secured considerable investment from private equity house Viking, with Viking now becoming a majority shareholder. The deal values Voyado at US $ 332 million, and is also subject to regulatory approval.
Voyado intends to utilise Viking’s support to speed up its United Kingdom expansion and build its AI capabilities. Current investors including Novax, Verdane, eEquity, and H&M Group will stay invested in the company as well as the founders.
Voyado has recently started to achieve a level of scale in the UK after rapid growth in the Nordics and has already onboarded leading fashion retailers and lifestyle brands such as Cutler and Gross, Pour Moi, Ellis Brigham, and Silver Cross.
Voyado targets only the retail sector and designs specialised AI solutions for the retail sector, which has led brands to driving customer loyalty, tailoring the customer experience, and enhancing product discovery.
“Retail is our sole focus and we think that clarity appealed to Viking,” said Co-Founder, Johan Bäckarlin, at the news conference. CEO Erica Sandelin Ekelund added her comments: “Our solutions are becoming increasingly important as retailers adjust to very rapidly changing and uncertain times. Our solutions effectively allow retailers to convert once-off purchasers to loyal customers without heavy price promotion.”
As AI continues to take a larger role in retail operations, Voyado’s purposeful strategy aligns well with the demand for targeted, high-impact tech adoption in an evolving omnichannel world.
