Berlin-based fast-growing company Spryker offers a full suite of e-commerce tools for businesses such as a platform to bring a company’s inventory online via tools to analyse and measure how it is selling and where. It also adds voice commerce, click & collect, subscriptions, and many other new features to improve online businesses.
Funds to expand its own tech tools
Founded in 2014 by Alexander Graf and Boris Lokschin, Spryker closed a round of $130M (nearly £96M) Series C funding led by Silicon Valley-based TCV that has backed Netflix, Spotify, Airbnb, Facebook and other tech giants. Other participants that took part in the round include existing investors – One Peak from London and Project A Ventures from Berlin. With this investment, the valuation of Spryker surpasses $500M (nearly £370M) making it one of the fastest-growing enterprise commerce software companies.
Spryker intends to use this investment to expand its proven technology tools and grow on a global scale with a focus on the US. It wants to create a compelling 3rd party technology AppStore, Furthermore, the company intends to grow its global talent so that it can maintain its innovative edge and continue to build new products that can be used for IoT commerce, click & collect, and subscription.
Eyes to expand in 2021
Spryker has grown its recurring revenue over 100% annually. The global team has over 250 employees from across 35 countries working from Germany, the Netherlands, UK, US and Ukraine. Recently, the company pioneered a New York model, which offers remote-first options for talent across the world. The Berlin-based company intends to expand operations in the US in early 2021 and continue growing rapidly and support global customers – Toyota, Siemens, and Ricoh.
Boris Lokschin, Co-Founder & CEO at Spryker Systems said: “Verticals like Food & Beverages, Manufacturing, Services or FMCG transform to become composable enterprises and demand for cloud native, modular commerce technologies to power their sophisticated B2B, Enterprise Marketplace or Unified Commerce initiatives. They want the platform to respond to digital best practises and enable shorter time-to-value, better TCO and faster innovation which always was Spykers DNA.”
Gopi Vaddi, General Partner at TCV said: “We at TCV are pleased to partner with Boris, Alex and the team at Spryker in their effort to provide a modern commerce platform that revolutionises the deployment model with packaged business capabilities.”
Bob Burke, Venture Partner at TCV said: “Spryker offers a next-generation solution with a modular, API-first solution that is extensible with the ever-changing needs and evolving technology stacks of enterprises. We look forward to supporting the Spryker team as they expand internationally and empower businesses around the world in their digital transformation.”
David Klein, Co-founder and Managing Partner at One Peak said: “Spryker is now leading the way with a best-of-breed, highly scalable cloud platform which drives sales for its customers. Boris, Alex and the Spryker leadership team have done an outstanding job in hyperscaling the Company to a global leader in the past three years since our investment, and we are thrilled to continue to support their expansion into the US and beyond.”
Florian Heinemann, General Partner at Project A Ventures said: “We are confident that with the new funding and the world-class team, they will become one of the global leaders in e-commerce software. New transactional business models require innovative implementation and Spryker is the best solution we know of to do this.”
Oscar Jazdowski, Co-General Partner at SVB, global banking Partner of Spryker said: “SVB is excited to be part of Spryker’s growing success story. We are extremely impressed by the management team and are convinced that their commerce solutions are building the backbones of today’s enterprises. We are confident that Spryker will successfully scale globally.”