Cloud-based software company Brightpearl closes $10m Series C round led by MMC Ventures
Growth capital to support product development and “fuel rapid sales expansion”
Bristol-based software provider Brightpearl has today announced that it has secured its third funding round; raising $10m from MMC Ventures, Quayle Munro and existing investors Eden Ventures and Notion Capital, taking its total investment to date to $24.5m.
Founded in 2007, Brightpearl specialises in a cloud-based business management system which allows small and medium multi-channel retailers to integrate orders, inventory, accounting, reporting and customer data into one platform.
The software company, which has offices in San Francisco, claims that it has over 1,300 customers and has processed over $1.3bn in gross merchandise value since 2011, with revenues doubling each year.
It intends to use this latest funding to develop its ‘Commerce Acceleration’ platform and to increase its sales across the UK and US.
Brightpearl CEO, Salman Malik, commented: “Brightpearl is at an exciting inflection point, and we are laying the groundwork for massive growth and scale.
“We’ve developed a deep understanding of customer needs, have a clear vision for platform enhancements and a strategy in place for optimizing our go-to-market initiatives.”
Rory Stirling, partner at MMC Ventures, discussed the investment:
“We believe Brightpearl addresses a significant “unmet” need in a large and growing market.
“We are delighted to be leading this round of investment alongside such a strong group of investors and we’re very much looking forward to working with the team to continue building a phenomenal product and company.”