Brightpearl attracts a further $10m in investment
Brightpearl has closed a $10m funding round that includes new investor MMC Ventures, Quayle Munro and existing investors Eden Ventures and Notion Capital.
In explaining the investment, Brightpearl CEO Salamn Malik noted that: “Our investors are excited both by the number of businesses signing up as Brightpearl customers and by the much-higher-than-average growth rates that those customers experience.”
“How much higher than average? In 2013, our customers increased their sales at an astonishing 35% year-on-year. That is roughly 10 times the average growth rate of the retail industry as a whole in the US and UK and more than twice as fast as the fast-growing ecommerce category overall.”
In an email to all Brightpearl users, Malik also explained how the money would be spent:
“1) We are doubling the size of our engineering team so we can add new capabilities to the platform, further improve system availability, and increase the quality of the product overall. We plan to make big strides this year on all those fronts and will need more developers to help us achieve that.
2) We are increasing our investment in our customer support and services teams — we want to make it easier for them to quickly answer your questions and resolve your problems so you can get back to running your business.
3) We’ll be investing in expanding our ecosystem of partners who create apps around Brightpearl and help customers get up and running quickly and easily.”
It will be interesting to see whether, over the next months and years, Brightpearl are as good as their word and significantly develop their proposition and customer base. The proof of the pudding is, as ever, in the eating.