Brightpearl Raises $10 Million to Accelerate Expansion and Platform Development
Company positioned for continued rapid growth and product innovation
SAN FRANCISCO & BRISTOL, England, April 29, 2014-- Brightpearl (www.brightpearl.com), a cloud-based multi-channel retail management system that integrates orders, inventory, accounting, reporting and customer data, today announced it has raised $10 million in a funding round led by new investor MMC Ventures, alongside participation from Quayle Munro and existing investors Eden Ventures and Notion Capital.
“We believe Brightpearl addresses a significant unmet need in a large and growing market. The team have developed an elegant cloud solution which has become a mission critical tool enabling thousands of successful retail businesses. We are delighted to be leading this round of investment alongside such a strong group of investors and we’re very much looking forward to working with the team to continue building a phenomenal product and company,” said Rory Stirling, Partner at MMC Ventures.
This latest funding will be used to accelerate investment in Brightpearl’s industry-leading Commerce Acceleration Platform, and to fuel rapid sales expansion.
“As early investors in Brightpearl, we recognized an unmet global need for multi-channel retail management systems,” said Charles Grimsdale, Eden Ventures co-founder and a director of Brightpearl. “Today, Brightpearl customers are outperforming the overall retail sector and experiencing growth rates of 30-40% by adding new sales channels on the Brightpearl platform. We are pleased to continue supporting Brightpearl in this next phase of their impressive growth.”
“Brightpearl is at an exciting inflection point, and we are laying the groundwork for massive growth and scale,” said Salman Malik, chief executive officer of Brightpearl. “Our business has been doubling; with more than 1,300 retailers on our platform, we’ve developed a deep understanding of customer needs, have a clear vision for platform enhancements and a strategy in place for optimizing our go-to-market initiatives.”
Brightpearl helps retailers accelerate their growth and profits. Our cloud software and services enable multi-channel retailers to manage the heart of their business by combining orders, inventory, customer data, accounting and reporting into a single, reliable retail management system. Brightpearl’s Commerce Acceleration Platform also provides real-time reports on inventory, cash flow, profitability by SKU and channel, customer purchase behavior and more. Armed with these insights and the confidence in having their core operations are under control, retailers can focus on what they love - merchandising and growing their business. Since 2011, more than $1.4 billion of gross merchandise value has been traded on the Brightpearl Commerce Acceleration Platform. Brightpearl is fully integrated with a variety of sales channels including Magento, eBay, Bigcommerce, Shopify and Amazon, providing retailers with built-in access to multiple avenues for growth. To learn more, visit www.brightpearl.com.
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