Brightpearl win $11m funding to grow US arm
Brightpearl have announced that they have raised $11 million in their latest round of financing. This brings their total funding raised to $30.5 million.
The multichannel solution provided by Brightpearl takes a different approach to most of their competitors. They are ideal for businesses with multiple locations, either retail outlets or locations with a trade counter, and bring all their activities into a single software solution.
Of course once inventory is centralised listing on marketplaces such as eBay and Amazon can also be managed, but Brightpearl doesn’t stop there though, it can assist you managing your supply chain, customer management and fulfilment and even havs integrated accounting functions so that you know your exact financial position at all times.
Brightpearl is using the funding to accelerate the growth of its sales and marketing organisation in San Francisco, and to continue to scale its engineering, service and support teams to drive innovation and growth. They currently have 1,400 customers in 30 countries.
Many Tamebay readers will remember James Scott, who worked in the UK multichannel market for years before emigrated to the US and becoming President of Brightpearl in the US. Unlike the previous companies James worked at, Brightpearl provide solutions for small and mid-size businesses who require everything from CRM to accounting, warehouse management to fulfilment and marketplace integration.
With the new $11 million injection of cash, James and Brightpearl are now positioned to re-engage the massive US market which is much less well served by multichannel solutions than the UK. With the exception of ChannelAdvisor who have a few thousand customers, the US is a largely untapped market, larger than the UK in numbers of retailers but much smaller in terms of available solutions.
If Brightpearl grows in the US this can only be good for their UK customers – scale tends to drive faster innovation and development so the team in Bristol will be well placed to serve their existing UK client base.