Beleaguered AR startup Blippar raises $37m

Blippar Golden Gate BridgeAugmented reality startup Blippar has a closed a $37m (£28m) financing round, taking its total capital raised to more than $150m since its 2010 launch.

The funding round was led by Candy Ventures and Qualcomm Ventures, the investment arm of Qualcomm Incorporated – both of which were existing investors in the company.

“Blippar, the leading augmented reality and computer vision company, has raised a $37m funding round that will help the company reach its profitability goal within the next 12 months,” a Blippar spokeswoman told Sky News, which first reported the story.

“The round, which was led by Candy Ventures and Qualcomm Ventures (the investment arm of Qualcomm Incorporated), was supported by all of the current investors.”

Earlier this year, it was revealed that the startup had lost £34.5m in the year up to 31 March 2017 after achieving just £5.7m in revenue. This left the company with only £10m left in cash reserves and it said it was in talks with investors at the time.