Systum, a provider of a digital operating platforms for small to medium-sized businesses has announced it has raised $10.7 million in its latest round of funding led by London-based venture capital firm Octopus Ventures.
Systum combines business operations such as inventory and order management, marketing, CRM and digital commerce into a single platform that delivers ‘Enterprise Class’ operational capability.
The business offers a comprehensive and affordable software solution distribution that SMEs need to run all of their customer facing operations.
“When you ask business owners in the wholesale distribution sector how many software applications they use to run their operations, the answer is normally between five and ten separate applications,” said Systum CEO Dean Mansfield.
“We’ve been able to crack the code and consolidate all of those functions into one single application that works seamlessly with accounting software packages like QuickBooks® and Xero®.”
The investment from Octopus Ventures comes as the annual revenues in the wholesale distribution sector top $5.8 trillion, according to theEconomic Benchmark for Wholesale Distribution (EBWD) report published by Modern Distribution Management.
“As SMBs grow, they add headcount and processes, but often instead of scaling and seeing positive growth, things can slow and a business can ultimately stall. Systum has been designed from the ground up to address all the growth challenges found in wholesale distribution, tackling this issue of scaling head on,” said Zihao Xu, Octopus Ventures Investment Manager.
“We are thrilled to be welcoming Systum into our growing portfolio and supporting the fantastic team in their own growth journey, as they look to provide innovative solutions to their clients as they undertake the same pursuit.”