SAN FRANCISCO and BRISTOL, England, Jan. 19, 2016 /PRNewswire/ -- Brightpearl, the leading multichannel retail management platform, today announced it has raised $11 million in its latest round of financing, with funding from venture investors including Eden Ventures, MMC Ventures, and Notion Capital, supplemented by a loan from Silicon Valley Bank and Columbia Lake Partners. This brings the total funding raised to $30.5 million.
Brightpearl is using the funding to accelerate the growth of its sales and marketing organization in San Francisco, and to continue to scale its engineering, service and support teams to drive innovation and growth, and to deliver persistent value to its more than 1,400 customers in 30 countries.
Brightpearl supplies a cloud-based inventory management and retail business platform to small to medium independent retail and wholesale customers. The software is uniquely positioned in the market as the only fully integrated solution that combines accounting, inventory, purchasing, customer relationship management (CRM), shipping/fulfillment, point of sale (POS) and other modules to help manage every aspect of a growing retail business.
"Our customers continuously outperform the market and compete on par with large retailers, and we believe this is testament to the operational efficiencies that Brightpearl helps them deliver," said Charles Grimsdale, executive chairman, Brightpearl. "Our customers sell globally on multiple channels both online and offline. They are highly innovative, and we are delighted that Brightpearl helps them to grow faster and achieve greater operational efficiencies."
According to Craig Netterfield, managing partner at Columbia Lake Partners, "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."
The accelerated growth and profits realized by streamlining operations, helps Brightpearl customers establish themselves as leading brands in the market. Brightpearl customers have continuously outgrown the market. For example, average same-store sales over Thanksgiving 2015 climbed 26 percent – far exceeding the U.S. Retail Sales YoY average increase of 2.4 percent (U.S. Census Bureau.)
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."
Commerce Acceleration -- Central to Independent Retailers' Success
Commerce Acceleration is the strategy, which underpins Brightpearl's software and services, that enables multichannel merchants to manage their business operations easily through a single management system, and helps to accelerate growth and profits. Brightpearl's platform provides real-time reports on inventory, cash flow, profitability by SKU and channel, customer purchase behavior, etc. Such insights give Brightpearl customers the confidence in knowing that their core operations are controlled and managed well, which then allows for greater focus on merchandising, business growth, and profits. Since December 2014, more than $4 billion of gross merchandise value has traded on the Brightpearl Commerce Acceleration Platform. 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.
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About Brightpearl
Brightpearl is a powerful-yet-simple retail and inventory management software that helps small- and medium-size retailers and wholesalers expand and compete with larger rivals by streamlining sales and supply chain functions across multiple online and offline channels. Brightpearl's cloud-based software and services enable multichannel merchants to manage the heart of their business by combining purchasing, inventory management, CRM, order processing, accounting, fulfillment, and reporting into a single reliable platform. 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. For more information, visit www.brightpearl.com or @BrightpearlHQ.
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SOURCE Brightpearl
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