Multichannel retail management platform Brightpearl announced it has raised 11 million dollars (10.09 million euros). Venture investors, including Eden Ventures, MMC Ventures and Notion Capital funded the British company, who wants to use the money to accelerate growth of its US business.
Aside from growing its sales and marketing organization in San Fransisco, Brightpearl also wants to use the funding money to further scale its engineering, service and support teams. Brightpearl also got a loan from Silicon Valley Bank and Columbia Lake Partners, which brings the total funding raised to about 28 million euros.
According to Craig Netterfield, who is managing partner at Columbia Lake Partners, Brightpearl addresses a “significant” unmet need in a fast growing market. Andrew Hunter, director at Silicon Valley Bank added: “This is an exciting time for Brightpearl. We’re delighted to provide debt funding at this milestone, enabling the team to accelerate growth in 2016 and beyond. The software Brightpearl provides its clients makes a big difference to their businesses, enhancing their ability to scale rapidly and stay efficient. Silicon Valley Bank is committed to the thriving SaaS market and we look forward to building a longstanding relationship with Brightpearl as it goes from strength to strength.”
Brightpearl, founded in 2007, offers a cloud-based inventory and retail management platform to SME retail and wholesale customers. It combines accounting, inventory, purchasing, CRM, fulfilment, POS and other modules so retailers can manage every aspect of their business. Customers are said to have outgrown the market, with their online turnover growth being nearly three times higher than the growth rate of the UK’s entire ecommerce sector. Its platform is being used by more than 1,400 merchants around the world.