London venture capital firm exits investment in retail tech business

One of the largest venture capital firms in Europe has exited its investment in a provider of store virtualisation technology for retailers.

Octopus Ventures, part of Octopus Group, has exited its investment in Zynstra, which has been acquired by global enterprise technology company NCR for around £100m.

Jo Oliver, Partner at Octopus Ventures, commented: “This sale is a huge testament to the innovation, determination and resilience of Nick and the entire Zynstra team and a demonstration of their strategic value in retail today.

“It’s been a great pleasure being part of the Zynstra successful journey over the last six years and we wish them all the very best for their future with NCR.”

Nick East, co-founder and CEO of Zynstra, added: “Octopus Ventures has played an incredibly important role in the growth of Zynstra, and we are hugely grateful for their partnership and advice as we have developed and expanded the business.

“When we started to work with NCR, we realised that our combined strengths made for an unmatched service, with a global reach – the combination makes sense for Zynstra and our stakeholders.

“I’m personally very excited about what it means for the team and our customers and am looking forward to leading the acceleration of our vision for the market as part of NCR.”