£3.4 million…NOQ Group, a software provider in the events sector, reports the closure of a £3.4 million funding round, bringing the company’s total funding to £5.1 million.
NOQ Group says that it is redefining how festivals and events manage multiple vendors, payments, and data. Its platform integrates into the event ecosystem, offering features like real-time data intelligence, vouchers, loyalty programmes, multi-network payment coverage, and offline transaction capabilities.
From mobile ordering via progressive web apps to kitchen display systems (KDS) and split revenue functionalities, NOQ’s suite aims to address the complex needs of modern event organisers.
€12 million…PastPay, a provider of B2B payment solutions, has announced a €12 million Series A funding round led by Platina Capital.
Currently, PastPay operates in Central and Eastern Europe (CEE), including Italy, Germany, Poland, Czechia, Slovakia, Romania, and Hungary, with expansion plans to other EU markets.
The funding round also includes participation from several financial institutions, including MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT and BNL Start Partners, as well as a number of private investors, such as Jared Schrieber and Mark Ransford.
PastPay will utilise the cash to expand its current offerings.
$AU165 million and $AU2.5 billion…SafetyCulture reports an $AU165 million round, giving it a valuation of $AU2.5 billion. This was led by Airtree Ventures and is the largest initial investment the venture capital firm has made.
SafetyCulture’s Founder and CEO, Luke Anear, says: “We are excited about the opportunities the round creates for us to accelerate our growth and help even more customers.”
“It’s a tough environment to be raising in, but we’re proud of the results the business is delivering and pleased that we can continue to create regular liquidity events for early investors and long-term employees.”
The funding round follows the launch of a workplace operations platform in October 2023, which introduced new capabilities in training, asset management, sensors and IoT functionality.
33%…ZigZag has taken a look at the returns policies of the UK’s 130 largest retailers, finding that 33% now offer a paid returns policy – up 17% year-on-year.
Other insights from its report include:
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Returns windows are seasonal – 68% stick to a 28-30 day window, and 42% extend this in peak season
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Portals are the standard – only 1% use label in the box as returns portals dominate (58%)
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Convenience is key – 82% of retailers with 20+ stores offer return to store, and 62% of retailers now offer three or more carrier services in the returns process
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Retailer spotlights – how New Look and Next managed the transition to paid returns
This has already meant that the shipping industry has had to work throughout the traditional summer lull to move goods from China and other parts of South-East Asia to the UK and Europe.
Retailers are concerned that the traditional peak pre-Christmas shipping period could be disrupted as the shipping industry strains to deal with the closure of the Red Sea. They are also trying to get goods shipped in case volatile shipping rates suddenly start moving higher again.
Disruption caused by the Red Sea attacks on shipping have led to a massive increase in shipping costs – the Drewry World Container Index (WCI) is up 270% since the start of the crisis from $1389.5 (Oct 5 2023) to $5,182 (Aug 29 2024).
Further increases in cargo rates could occur, with analysts predicting that demand for shipping will remain high until at least February 2025 (following Chinese New Year). Potential labour disputes on both the US East and US Gulf coasts could further disrupt supply chains and increase cargo rates.
Typically, retailers would expect goods for the Christmas period after September, but this year they are demanding shipments from suppliers from July onwards. This move has put pressure on suppliers to fulfil pre-agreed orders months in advance.
1…Virtual gaming platform Roblox has its sights set firmly on the e-commerce space.
It has announced a global partnership with Shopify that will allow creators of Roblox experiences, including brands and retailers, to sell physical goods directly within the platform via Shopify’s checkout.
In a LinkedIn post, Harley Finkelstein, Shopify President, says: “It’s official: we are the first commerce integration partner on Roblox. This year we’re piloting integrating our world class Checkout into Roblox, with a larger launch coming in early 2025.”
“Soon, you’ll be able to shop physical products like clothing, accessories and collectables designed by your favourite creators and brands, all within Roblox, powered by Shopify. This means that developers, creators, and brands who are on Shopify can sell directly within their Roblox games.”
$2.6 million…Fastn has announced a $2.6 million seed funding round led by LiveOak Ventures and Antler.
Leveraging AI, the startup aims to simplify the process of composing and connecting modular components, focusing on reusability, adaptability, and observability.
Instead of custom building applications from scratch, businesses can now rapidly compose and connect existing solutions, break down silos, and streamline their technology stacks.
“Each era of application architecture has required a new platform to integrate between components,” says Creighton Hicks, Partner at LiveOak Ventures.
“Composable – or headless – architecture is rapidly gaining mindshare, yet enterprises struggle to adopt it and rely on custom code to connect components. Fastn is uniquely positioned to be this new platform, enabling enterprises to easily adopt composable architecture.”
