Brightpearl, multichannel retail management platform, has just announced that it has raised $11 million in its latest round of financing with funding from investors including Eden Ventures, MMC Ventures, and Notion Capital. This financing is supplemented by a loan from Silicon Valley Bank and Columbia Lake Partners. This brings the total funding raised to $30.5 million!
Brightpearl supplies a cloud-based inventory management and retail business platform to small and medium independent retail and wholesale customers. The software is uniquely positioned in the market as the fully integrated solution that combines accounting, inventory, purchasing, customer relationship management (CRM), shipping/fulfillment, point of sale (POS) and other modules that helps to manage every aspect of a growing retail business. “Our customers continuously outperform the market and compete with large retailers. We believe this is due to the operational efficiencies that Brightpearl helps them deliver,” says executive chairman Charles Grimsdale. Founded in 2007 with offices in the U.S. and UK, Brightpearl is used by more than 1,400 merchants around the world, including Cuyana, Finery London, Mahina, and Oi Polloi, to name a few.
More than $4 billion of gross merchandise value has traded on the Brightpearl Commerce Acceleration Platform since December 2014. Due to its integration with a variety of leading sales channels – Amazon, Bigcommerce, eBay, Magento, Shopify – retailers have built-in access to multiple avenues for expanded growth. Brightpearl declares that they customers have continuously outgrown the market. For example, average same-store sales over Thanksgiving period in 2015 climbed 26%. This exceeds U.S. Census Bureau data on the U.S. Retail Sales average increase of 2.4%.
According to Craig Netterfield, managing partner at Columbia Lake Partners that is one of current investors: “Brightpearl addresses a significant unmet need in a fast growing market. The team has developed a mission-critical platform that enables thousands of retail businesses to compete successfully. We founded Columbia Lake Partners to provide growth loans to leading European companies like Brightpearl. We’re very much looking forward to working with the team to continue building a phenomenal product and company.”
Brightpearl is using the funding to accelerate the growth of its sales and marketing organization in San Francisco, to continue to scale its engineering, service and support teams, to drive innovation and growth and also to deliver persistent value to its more than 1,400 customers in 30 countries.