Brightpearl Raises $8 Million in Series B Financing, Expands Senior Management Team
Company positioned for rapid growth and continued product innovation
SAN FRANCISCO, Calif., May 21, 2013 /PRNewswire-iReach/ -- Brightpearl (www.brightpearl.com), cloud software that integrates orders, inventory and customer data across multiple retail channels, today announced it has raised $8 million in a Series B financing, which was co-led by seed investors Eden Ventures and Notion Capital. Additionally the company announced that Andy Young has joined as chief marketing officer, and Adam Smith has joined as senior vice president of finance and operations.
"We believe Commerce Acceleration software for small to medium businesses is a multi-billion dollar global opportunity," said Charles Grimsdale, Eden Ventures co-founder and a director of Brightpearl. "Brightpearl dominates this market with the ideal combination of technology, team and traction. We've seen customers experience growth rates of 40%-50% by adding new sales channels on the Brightpearl platform vs. single-digit growth for the overall retail sector."
Brightpearl intends to use the Series B proceeds to invest in continued enhancements to its industry-leading Commerce Acceleration Platform, and to expand sales in North America and the UK.
"Brightpearl has an exciting opportunity to be a market leader in the small to medium-sized market, where significant customer pain is addressed by Brightpearl's product," said Chris Tottman, co-founder of Notion Capital and a director of Brightpearl. "Brightpearl is now well funded, building a world-class team, driving the product forward and rapidly expanding brand awareness."
Andy Young, Brightpearl's chief marketing officer, joined the company in early 2013, after leading marketing for Intuit's TurboTax brand, and was a key member of the management team that increased TurboTax revenues by 40% in just three years. Prior to Intuit/TurboTax, Andy was vice president of web marketing for Adobe Systems, and managed all aspects of Adobe.com's strategy, e-commerce, search / affiliate / direct marketing, analytics and creative services. Before Adobe, Andy was chief marketing officer for Shutterfly, a collection of brands that provide photo-based products and services, where he was responsible for driving revenues from startup through its successful initial public offering. Andy holds a B.A. in Economics from the University of Virginia and an M.B.A. from the Wharton School, University of Pennsylvania.
"I've had the good fortune to help build some of the world's leading brands," said Andy Young, Brightpearl's chief marketing officer. "Brightpearl has all the ingredients to build a multi-billion-dollar brand; and I'm excited to help make our vision a reality."
Adam Smith, Brightpearl's senior vice president of finance and operations, has over 25 years of experience in retail, direct channels and e-commerce. Before joining Brightpearl, Adam was eCommerce Development Director for Dixons Stores Group, and was part of the leadership team that took Sit-up Limited from startup to $400 million sales in just five years. Adam also has extensive experience working with multi-channel retail startups in the US, Asia and Europe. Adam holds a B.Sc. from the London School of Economics, is a qualified treasurer and qualified as a chartered accountant with Arthur Andersen.
"I was originally drawn to Brightpearl while working for a retailer experiencing all of the headaches of rapid growth in multiple channels," said Adam Smith, Brightpearl's senior vice president of finance and operations. "Now, I look forward to contributing to Brightpearl's meteoric growth and success in attracting retail customers in an enormous and dynamic market."
Brightpearl is cloud software for multichannel retailers. It integrates orders, inventory and customer data and lets retailers do what they do best: focus on growing their businesses. With Brightpearl's Commerce Acceleration Platform, multi-channel retailers can be confident their core data and processes are under control, saving time, money and creating a reliable foundation for rapid growth. Since 2011, more than $600 million of gross merchandise value has been traded on the Brightpearl Commerce Acceleration Platform. Brightpearl is fully integrated with a variety of sales channels including Magento, eBay, Bigcommerce, Shopify and Amazon, providing retailers with built-in access to multiple avenues for growth. To learn more, visit www.brightpearl.com.
Andrea Heuer, Heuer Media, 415-641-4063, firstname.lastname@example.org
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