Bristol-based retail management platform Brightpearl raises $11m
Bristol multichannel retail management platform Brightpearl has closed a $11m Series C funding round.
Eden Ventures, MMC Ventures, Notion Capital, Silicon Valley Bank and Columbia Lake Partners participated in the round, bringing the company’s cumulative funding to date to $30.5m.
The company says it will use its newly procured funds to speed the growth of its sales and marketing organisation in San Francisco and to continue scaling its engineering, service and support teams.
A company spokesperson commented on the firm’s decision to expand overseas, telling Tech City News: “Independent retailers in the US face the same challenges as those in the UK and have a similar lack of options when it comes to finding integrated software to help them grown.”
“It was for that reason that, in 2012, we opened an office with a small team in San Francisco,” they said, adding: “Over the last couple of years we’ve seen our growth in the US market accelerate via customer word-of-mouth recommendations. Now that we have meaningful traction we are increasing our investment by investing and scaling up our US teams to meet the demand we are seeing from US retailers.”
Founded in 2007, Brightpearl claims to have over 1,400 customers across 30 different countries.
Andrew Hunter, director at Silicon Valley Bank said: “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.”