Retail tech startup Rezolve eyes $750m price tag with fresh funding round
Mobile shopping platform Rezolve is closing in on a fresh funding round backed by British taxpayers that would value the startup at $750m (£540m).
Rezolve, founded by tech entrepreneur Dan Wagner, is finalising a $20m funding round from a string of new US-based investors.
The new cash injection, which is backed by a company connected to the family behind the Estee Lauder cosmetics empire, will value the startup at $750m.
The government is also said to be backing the venture through its Future Fund, which was set up during the pandemic last year to support firms struggling to access financing.
Under the terms of the scheme, its interest in Rezolve will convert into equity at a 20 per cent discount to the valuation at which the fundraising is taking place.
This means British taxpayers will hold a stake in the company at a $600m valuation.
Rezolve allows consumers to make purchases by using their phone’s camera and microphone to interact with physical surroundings such as product labels and posters.
It has already rolled out its technology in Asian markets such as China, Korea, India and Taiwan.
The latest fundraising has been positioned as a precursor to a potential initial public offering for Rezolve.
An industry insider told City PM that the firm was looking at a possible float in New York and was exploring the possibility of a Spac deal.
The funding, first reported by Sky News, will also mark a turnaround for Wagner, who is one of the UK’s most colourful tech entrepreneurs.
He previously led ecommerce startup Powa, which was lauded as one of the country’s most promising tech unicorns until it collapsed into administration in 2016 after burning through £147m of investor money.
Wagner is hoping the success of his new venture will hope to rebuild his reputation after a turbulent career in the UK tech scene.
Rezolve has secured a number of high-profile names to bolster its board, including former Sainsbury’s chief executive Justin King and Sir David Wright, former British ambassador to Japan and Korea.