London, UK – 12th July 2022 – Retail integration platform Patchwork received an additional £ 1.5 million funding from growth equity specialists Gresham House Ventures to fuel market growth. This latest round follows an initial investment of £ 3.3 million in August last year. Patchworks plans to use the new funds to continue its expansion in Europe.
The e-commerce integration specialist has had its most successful year to date, with an estimated £ 1.5 billion worth of orders processed through its platform, between July 2021 and June 2022. Patchworks has recorded a 51% increase in customers and doubled its recurring revenue.
Patchworks connects leading ecommerce systems, including storefronts such as Shopify and BigCommerce, ERP, CRM, and fulfillment solutions, allowing retailers to simplify the integration of their technology stack.
Founded in 2014, it now boasts more than 200 dynamic e-commerce customers. Over the past year, Patchworks has partnered with a wide range of innovative brands looking to create frictionless customer journeys, such as ABYL, Gym + Coffee and Trinny London. They join its existing portfolio of brands such as Huel, Gymshark, Lounge Underwear, Castore, Cox & Cox and Simba Sleep.
Patchworks has enabled the impressive growth of many of its customers since the beginning, with a platform capable of increasing the processing power. In the past year, customers have processed nearly 200 million transactions, about 6 per second or 372 per minute.
Jack Humphreys, Lounge Underwear Chief Operating Officer, said, “We have been working with Patchworks for a few years now, using both their iPaaS and their new Stockr product. It’s nice to see them grow and start reaching their full potential. They’ve supported our growth over the time we’ve worked with them and they’ve really helped us get to where we are today, including supporting us to grow 215% and placing us 6th in this year’s Sunday Times Hundred 2022. “
Simon Drane, President of Patchworks, said, “Patchworks has had a year of phenomenal growth in a rapidly changing and expanding market. Within a year of investing in Gresham House Ventures, the company has more than doubled recurring revenue, launched new products, won great new customers, built a strong senior management team, and has now secured a follow-up investment to fuel more growth. quick. Patchworks has had a great start to its investment period. “
James Pennington, Patchworks Chief Financial Officer, said, “The move to online has been a real catalyst for our growth. As we head into more difficult financial times, the need to operate more efficiently by optimizing existing technology stacks will be more important than ever. The importance of being able to integrate these stacks quickly and efficiently and using the data provided to make critical business decisions accurately will be paramount.
“We are delighted with what we have achieved in the past year and with the latest investment from Gresham House Ventures, accelerating our market growth will be a big goal for us in the coming year,” concluded Pennington.
Patchworks has launched three innovative products in the past 12 months, including Patchworks Platform (iPaaS), Patchworks BI and Stockr. The investment also allowed the company to increase its workforce by 53%. Key hires include Chief Revenue Officer – Eduardo Silva, Chief Product Officer – Conor Barr and James Pennington as Chief Financial Officer.
Rupesh Patel, Investment Director of Gresham House Ventures, commented: “Middleware enables resellers to grow and save while choosing the best tools for the job, making Patchworks the perfect business to support companies in developing great customer journeys. . We are delighted to continue our investment with them as they grow. Exciting times! “
Patchworks was founded in 2014 and now boasts more than 200 dynamic e-commerce customers, including Huel, Gymshark, Lounge Underwear, Castore, Cox & Cox, and Simba Sleep.
Patchworks iPaaS is a powerful and easy-to-use platform that connects leading e-commerce systems, including shop front, ERP, CRM and warehouse management, allowing companies to simplify the integration of their technology stack.
Since developing iPaaS, Patchworks has focused on developing products and features that support the growth of e-commerce businesses. They recently launched their groundbreaking Stockr “real-time service” product that allows stock picking centrally for multiple stores avoiding the common problems of overselling and underselling, and their new Patchworks BI product, enabling customers to make customer-driven decisions. real-time data using all their available data.
With hundreds of apps and agency partners, the Patchworks platform is powered by relationships.
About Gresham House Ventures and Gresham House
Gresham House Ventures is a growth stock investor specializing in business scaling with business models driven by technology, customer knowledge or service excellence. Gresham House Ventures aims to work with ambitious management teams who want the support of a long-term flexible investor who brings capital, insights and expertise. The team has been working together for over 10 years and has made over 100 investments in growing businesses.
Gresham House Asset Management is the FCA licensed business of Gresham House plc, a specialist alternative asset manager listed on the London Stock Exchange. Gresham House is committed to operating responsibly and sustainably, with a long-term vision in providing sustainable investment solutions.
Patchworks Media Secures £ 1.5m Investment in Series A From Gresham House Ventures – UK Technology Investment News
Source link Patchworks Media Secures £ 1.5m Investment in Series A From Gresham House Ventures – UK Technology Investment News