ChannelEngine raises €45 million
Dutch online marketplace integration platform ChannelEngine has raised 45.5 million euros in a Series B funding round. The funding will be used to increase the number of marketplaces it works with. The funding round follows a previous Series A funding round a year ago.
ChannelEngine is a Dutch platform that provides management tools for online retailers and wholesaler selling on online marketplaces. The platform has multiple functionalities, such as automated repricing, content, stock and order management.
Series B funding round
In order to further scale its operations, ChannelEngine closed a Series B funding round led by Atomico. It raised 45 million euros from investors as General Catalyst and existing backers Inkef and Airbridge Equity Partners. Neither ChannelEngine nor Atomica has divulged any information about the valuation of ChannelEngine.
The funding will be used to increase the number of marketplaces it works with. Additionally, the company is planning to include non-commerce platforms for selling, such as Instagram and TikTok.
‘ChannelEngine will work with non-commerce platforms for selling, like Instagram.’
In 2021, the company raised 5 million euros in a Series A funding round led by Inkef Capital. The capital was used to expand internationally, by opening offices in Munich, Dubai, Singapore, Melbourne and New York. The team tripled in size, coming to 150 employees. Additionally, the company was able to double its revenue.
‘Shift in ecommerce’
ChannelEngine now enables the sales of over 6 million products from 8.100 brands on more than 200 sales channels. The company expects that it will keep growing this year.
“We’re in the midst of a profound shift in ecommerce as brands are increasingly selling directly to consumers via open online marketplaces such as Amazon, Walmart and Zalando. Already 60 percent of ecommerce happens this way and the growth rate is phenomenal,” said ChannelEngine CEO and founder Jorrit Steinz. “Our centralized ecommerce integration platform eliminates complexity for brands and retailers, helping them connect with consumers, wherever they are. ”
‘Brands are increasingly selling directly to consumers via online marketplaces.’
“The COVID-19 pandemic dramatically accelerated the adoption of ecommerce, which now accounts for 20 percent of all global retail sales. The global ecommerce market is expected to grow by over 455 billion euros between 2022 and 2023 alone,” said Atomico Principal Luca Eisenstecken. “By building the largest ecommerce operating platform, ChannelEngine is set to capitalize on this opportunity by giving brands and retailers instant access to the global marketplace.”