Qviro Secures 1 Million Euros in Growth Capital: The Inside Story

It's been an incredibly exciting time at Qviro with a number of exciting developments to share. We've welcomed new team members, attended and hosted events, and evolved our category pages on the website. And to top it off, we're thrilled to announce that we've raised 1 million euros in growth capital from investment funds LRM, Industrya, and imec.istart. This capital will allow us to expand our online marketplace for Industry 4.0, further empowering industrial users to make informed purchasing decisions.

It's worth noting that we've received financial support in the past from organizations like Vlerick Business School Entrepreneurship Fund, Vlaio, and Digital Attraxion.

But what sets us apart is that we're the first review platform for the industrial sector. Qviro empowers industrial users to make informed purchasing decisions, leveraging the same kind of review sites that consumers use in their personal lives. We're confident that this trend will revolutionize the industry.

We're proud that thousands of engineers use our platform every month to buy technology, and that we're working with top industrial companies such as ABB (Switzerland), Doosan (Korea), and Kinova (Canada).

So, let's dive in!

"User reviews are already used a lot today on webshops and consumer review platforms like Tripadvisor," says co-founder Jorg Hendrikx.

"What makes Qviro so unique is that we use reviews in a professional context. We are the first company worldwide to collect reviews for the purchase and sale of industrial automation technology.”

- Jorg Hendrikx, co-founder of Qviro.

“Those reviews not only make it possible to make a good choice for a buyer, but they are also a source of market insights. We sell those data and insights to large industrial companies."

"As an investment company, LRM has been actively looking for companies that capitalize on Industry 4.0 for years,"

- Tom Vanham, general manager at LRM.

"Qviro's intelligent business model pushes all existing boundaries and responds perfectly to the trend of user reviews where buyers fall back on online user experiences. In combination with the driven management team, their trajectory at imec.istart and the confidence of Industrya, we believe enormously in the further growth of Qviro."

Qviro is currently based in Genk and the team also works from The Beacon in Antwerp thanks to imec.istart. "But the culture is 'remote-first', we started during Covid so we worked from home from the start. In addition, our colleagues are in Paris, Kuala Lumpur and Skopje," says co-founder Sven De Donder.

"The users and customers of our review platform are located all over the world, so it is crucial that we also find that global culture in our team."

- Sven De Donder, co-founder of Qviro.

"Qviro was the first start-up to go through our incubation program in 2021. We were immediately impressed with how their innovative business model is providing an evolution in the buying process of technology such as robots and industry 4.0,"

- Alexandre Braconnier, Chief Investment Officer of Industrya.

"Qviro was nurtured by a powerful ecosystem in Belgium and is now ready for the world. Together with management and co-investors, Industrya looks forward to supporting Qviro's international growth."

For more information and to read the official press release.

Updated 23.02.23