Shop Circle announced that following the results of the Series A financing round, it managed to raise investment funds for $120 million.
The company intends to use the money received to carry out activities for the development of its set of e-commerce tools. Also, this firm is currently seeking to strengthen its position as a one-stop shop for sellers who work in the digital commercial space. The relevant information is contained in a message posted on the company’s blog on Thursday, September 7.
Luca Cartechini, CEO and co-founder of Shop Circle, says that the concept of the firm’s activities has always provided for the creation of a comprehensive operating system for e-commerce brands as the main goal. According to him, in this case, it means a kind of toolkit that provides customers with technologies that allow them to achieve significant results in today’s competitive market.
The press release indicates that since the launch of its business, which took place in June last year, the company has been able to form a user base that includes more than 100 thousand e-commerce brands around the world. The firm’s annual growth was recorded at 360%.
Shop Circle plans to expand the scope of its activities and not be limited only to providing access to the platform. The press release contains information that the company is currently developing tools and processes controlled by artificial intelligence. The goal of these efforts is to increase the scalability of core operations.
The firm will also launch a consultation program on the technology stack. In this case, AI-based tools use arrays of data and generate personalized analytical materials to optimize the technological aspects of brands’ activities. The main goals of this program are to reduce costs and increase conversions. Also, these efforts provide an exceptional consumer experience.
Gian Maria Gramondi, co-founder and Chief Operating Officer of Shop Circle, says that technology stack consultations help e-commerce companies realize their true potential and eliminate unnecessary decisions and unjustified costs from the structure of their activities. Also, according to him, in this case, a base for scaling and long-term success is being created.
Shop Circle’s management team consists of experienced professionals from well-known companies, including Amazon, Shopify, and Uber.
The latest funding round was led by 645 Ventures and 3VC. QED Investors and NfX also took part in this process. i80 Group provided a credit line.
Nnamdi Okike, co-founder and managing partner of 645 Ventures, says that Shop Circle’s vision of creating a leading SaaS platform for second-wave trade brands coincides with the investment strategy of the firm of which he is a representative, and is to provide support to those who create a differentiated business in large markets.
Industry research shows that e-commerce is currently demonstrating the dynamics of sustainable growth. According to experts, sellers should take into account this trend, which to a certain extent reflects consumer preferences. In the United States, during a special survey, 32% of respondents said that next year they are likely to increase their food purchases on virtual platforms. Also, 30% of the survey participants reported similar intentions regarding purchases in other categories.
As we have reported earlier, Venture Investor 500 Global Raises $143 Million.