Business Loans Scotland invest £30,000 in Glasgow Company to Launch Product Discovery Platform
20 Feb 2019
Product Guru has developed a unique product discovery platform giving buyers and suppliers instant access to showcase and purchase products from one place.
With the initial concept beginning in January 2018, Product Guru’s discovery platform was the idea and vision of Founder and CEO, Simon Coyle. After owning a product company for several years, Simon had experienced first-hand how difficult it was for small and medium sized businesses to promote their products in front of retail buyers.
He had also experienced the difficulties that suppliers faced in reviewing their product options, due to the vast number of products being put in front of them each year. With a first-hand insight into the industry, Simon realised there was a gap in the market for a new unique platform that would make the process of buying and selling more efficient for both parties.
Suppliers can easily upload their brands and products to the platform and in turn, buyers can discover products quickly. If interested, the buyer also has the option to engage in conversation with the supplier through the platform to request more information or a sample of the product.
With a clear concept and vision in place, Simon required funding to kick start the business and successfully secured a £30,000 loan from Business Loans Scotland. The loan has enabled Simon to grow the business to the next level by successfully developing and launching the platform itself and will also help towards the creation of five new jobs, taking the total number of employees from three to eight in the upcoming months.
Product Guru has been described as “Tinder for Retail Buyers and Product Suppliers” and Founder Simon Coyle, thinks this is a very fitting description. Speaking of the platform, Simon stated:
“Product Guru is solving a very real problem in the retail market; the ability for suppliers to put their products in front of retail buyers and the ability for those buyers to quickly find the products that are relevant to them. Because of this we are seeing many of the UK’s largest retailers already using our service to discover new products and will see Product Guru continuing to grow significantly over the coming years."
Speaking of the loan awarded, Fund Manager of Business Loans Scotland, Andrew Dickson, said:
“I am absolutely delighted that Business Loans Scotland has been able to support Product Guru. I wish them well in growing their product discovery platform and look forward to watching them develop and flourish in the UK retail market. I am also delighted Business Loans Scotland has been appointed as one of the Fund Managers under the Scottish Growth Scheme and look forward to being able to support many more Scottish businesses, like Product Guru, access debt finance.”
Graham Smith, Group Manager of Economic Development at Glasgow City Council, added:
“The loan to Product Guru Ltd., through Business Loans Scotland demonstrates Glasgow’s commitment to fostering an innovative environment that is supportive of SMEs and entrepreneurs from start-up, through growth to sustainable consolidation. This investment of working capital will assist in funding the growth of the business, including increased staffing, increased customer base and entry into new markets. This is in line with the growth phase and strategy of the business. The assistance also allows the business continue with its growth strategy, whilst continuing to develop the software product”.