Global online marketplace integration platform, ChannelEngine, has just closed its Series B funding round at €45.5 million. The funding is led by Atomico, with participation from General Catalyst, and existing backers Inkef and Airbridge Equity Partners.
ChannelEngine has plans to become the world’s largest ecommerce network and operating platform with its powerful management suite. The platform connects brands, wholesalers and retailers to the global ecommerce marketplace. Founded in 2013, the startup is headquartered in Leiden with offices in Munich, Dubai, Singapore, Melbourne, and New York.
The ChannelEngine platform provides a powerful management suite to boost international sales with tools such as automated repricing, content, stock and order management. Brands and retailers can reach millions of new customers and benefit from ChannelEngine’s partner network and data-driven enablement, orchestration and automation layer to sell easily on marketplaces worldwide.
The ecommerce market is booming – in Europe and beyond. It’s projected to reach USD$5.9 trillion by 2023, largely fuelled by the rise of global marketplaces.
“We’re in the midst of a profound shift in e-commerce as brands are increasingly selling directly to consumers via open online marketplaces such as Amazon, Walmart and Zalando. Already 60% of e-commerce happens this way and the growth rate is phenomenal.” Explained ChannelEngine CEO and founder Jorrit Steinz.
In addition to established players such as Amazon and eBay, there are a growing number of bricks and mortar retailers moving to open marketplaces online. Social media apps such as Instagram and TikTok are also investing in direct sales functionality. For sellers, having a centralized platform to manage all these channels presents a huge opportunity.
Jorrit Steinz continued: “Our centralized e-commerce integration platform eliminates complexity for brands and retailers, helping them connect with consumers, wherever they are.”
Atomico Principal Luca Eisenstecken added: “The COVID-19 pandemic dramatically accelerated the adoption of e-commerce, which now accounts for 20% of all global retail sales. The global e-commerce market is expected to grow by over $500 billion between 2022 and 2023 alone. By building the largest e-commerce operating platform, ChannelEngine is set to capitalize on this opportunity by giving brands and retailers instant access to the global marketplace.”
Since its Series A last year, ChannelEngine has more than doubled its revenue through serving over 450 clients and tripled its employee headcount to over. The disruptor also counts the likes of Staples, Bosch, Polaroid and Oneill as clients. This new funding will enable further development of its data-driven enablement, orchestration and automation layer – fuelling the ambition to become the world’s largest ecommerce network and management platform.
Larry Bohn, managing director, General Catalyst commented: “As the use of e-commerce continues to accelerate, retailers and brands have to meet consumers where and how they shop. ChannelEngine has built out a complete, tech-first platform that’s both robust and global. General Catalyst is excited to invest in ChannelEngine as they help leading e-commerce companies sell on marketplaces worldwide.”