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Oro Raises $13M Strategic Growth Round to Revolutionize Digital Commerce
B2B eCommerce pioneer will invest in people and technology to drive continuing expansion
LOS ANGELES, January 19, 2023-- Oro, Inc., the eCommerce leader behind OroCommerce, the No.1 open-source B2B digital commerce solution, today announced closing a $13 million strategic growth funding round led by private equity firm Zubr Capital, with participation from existing investor Highland Europe. The announcement comes as Oro celebrates its 10th year as a developer of industry-defining digital commerce applications, and affirms its commitment to evolving its offerings and expanding into new markets.
"Over the past decade, Oro has helped hundreds of businesses — from mid-sized manufacturers and distributors to large multi-channel brands — to realize their potential, sell into new global markets, and develop effective, customer-centric digital commerce strategies," said Yoav Kutner, CEO of Oro, Inc. "With this new injection of capital, we will be able to unlock even bigger opportunities, invest in our product and our amazing community, and continue to shake up the digital commerce industry for many years to come."
The strategic fundraising round comes more than six years after Oro's previous funding round, highlighting the company's capital-efficient operations and consistent revenue growth. The company has seen a sharp sales volume increase across its platforms since 2021, reaching over $2.3 billion in total sales, and supporting over 3 million transactions in 2022, marking the increasing demand for its flexible, robust, and highly customizable platform. The company also affirmed its commitment to innovation with the recent launch of OroMarketplace, a powerful end-to-end marketplace platform featuring built-in CRM, robust APIs, and fully featured sales enablement tools.
In recent months Oro has received a slew of industry honors, including being recognized as a top B2B Commerce leader in both Gartner's 2021 and 2022 Critical Capabilities for Digital Commerce Platforms reports. Oro also held the inaugural Oro Brilliance Awards last year, recognizing top brands for growth, innovation, and customer satisfaction, and this month staged the OroVibe conference in Paris, cementing the company's position as a pacesetter for global digital commerce. The first-ever North American OroVibe event will be held next year, marking the company's rapid expansion in the United States and the broader region.
"At Zubr, we take pride in investing in well-run, high-potential tech businesses, and Oro sits squarely in the sweet spot we look for," said Konstantin Zapolianski, Senior Investment Director at Zubr Capital. "More than any other company, they saw the enormous market potential of B2B eCommerce solutions, and under Yoav's leadership they are positioned for rapid growth and continuing innovation in coming years. We're thrilled to help write the next chapter in the Oro story."
The new funding will also enhance Oro's continuing support of its Ukrainian employees, many of whom have been evacuated to neighboring EU countries. Oro is committed to providing safety and stability to its employees and their families, and has created a charitable fund to deliver aid packages and shelter for people affected by the invasion of Ukraine.
"Our employees' passion and talent are what make Oro great, and we're committed to supporting our entire team during this difficult time," said Kutner. "We continue to stand behind our Ukrainian employees, who will remain central to our planning as we develop new features and pursue new growth opportunities."
About Oro, Inc.
Oro, Inc. offers a suite of open-source commerce applications: OroCommerce, the B2B eCommerce platform purpose-built for manufacturers, distributors, wholesalers and brands; OroMarketplace, the analyst-recognized marketplace management platform for all business use cases; OroCRM, the industry's most flexible multi-channel CRM solution; and OroPlatform, a streamlined solution for developers of custom business applications. Oro's founders previously founded Magento and have deep experience in the eCommerce industry. They include Yoav Kutner, CEO; Dima Soroka, Chief Technology Officer; and Roy Rubin, director of Oro's advisory board. For more information on OroCommerce, visit https://oroinc.com/b2b-ecommerce/.
About Zubr Capital
Zubr Capital is a private equity firm focused on investments in private, fast-growing companies in the TMT sector, and backed by two prominent European financial institutions – European Bank for Reconstruction and Development and the Dutch entrepreneurial development bank (FMO). For more information, visit: https://zubrcapital.com/