Taking too long? Close loading screen.
Connect with us

Tech

Salsify nabs $155M as its commerce experience platform sees a big surge of business from Covid-19

Published

on

As traditional brands grapple with a new world where selling online is as much or perhaps even more important than how you are positioned in a physical store, a startup that helps them get all their inventory, marketing and selling strategies all on one page has raised a significant round of funding.

Salsify, which provides brands and the companies behind them a single place to track product inventories, manage how they are described and sold across a disparate array of online and offline locations, and then run analytics on the data to figure out what next steps to take, has closed $155 million in a Series E round of financing led by Warburg Pincus, with other unnamed investors participating.

The funding is coming on the back of a big 2020 for Salsify, which, like a lot of other companies working in the wider area of e-commerce, has seen strong tailwinds resulting from Covid-19. Specifically, with many continuing to comply with social distancing rules, there has been a big shift for shopping and browsing for goods online.

“Companies realize they need a strong digital footprint,” Jason Purcell, the CEO and co-founder, said simply in an interview. “Whether it’s Amazon or another marketplace, or their own site, what Covid has done is give many brands a fraction of the thought process: if we don’t have a strong digital footprint, we won’t be able to engage.”

The company is tackling a very fundamental (but I guess “happy”) problem in the world of online commerce. It’s an extremely fragmented landscape, with a huge number of potential ways for a brand to connect with potential customers: their own sites, those of other retailers, larger marketplaces, social channels, direct sales using messaging or email, and much more. And that’s before you factor in the offline channels that are still very much in use, despite the turn to online shopping for many of us.

Salsify counts a lot of big names like Coca Cola, Rubbermaid and Mars among them. In all, it has some 800 customers on its books with 225 of them pulling in more than $1 billion in revenues, and since its last round, a Series D in 2018, the company has seen a boom in business, with a 120%+ net revenue retention rate.

Purcell said that his company plans to use the funding in two main areas. First, it plans to continue expanding its product stack, currently based around the company’s CommerceXM (for “experience management”) platform, which includes features for managing product information, digital assets, and managing how products are sold through a brand’s own site, marketplaces, online and offline retailers and social channels and more.

Second, the company has its sights set on expanding internationally. The company is based out of Boston, and a couple of years ago it opened its first international headquarters in Lisbon, Portugal. Right now some 40 of its customers are based overseas, and the plan will be to double down on more expansion both serving them, as well as their US customers abroad, as well as picking up new business.

Purcell, who co-founded the company with Jeremy Redburn (chief data officer) and Rob Gonzalez (CMO), said the company would not be disclosing its valuation but only confirmed that it was a “significant proud” compared to Salsify’s valuation in its last fundraise, which was $308 million, according to data from PitchBook.

Prior to today Salsify had raised around $96 million, from investors including Matrix Partners, Venrock, North Bridge Venture Partners.

Purcell also added that the round and the choice of lead investor was very much in line with the company’s ambition to eventually go public.

“This is pointing us on the path to an IPO,” he said. “The intent is to build a company that can operate as a public company. It’s about how we hold ourselves against public companies, while making sure we can operate the same from a growth perspective. Warburg Pincus has taken 150 companies public, and we are building with that in mind.”

Warburg Pincus has been a pretty prolific growth-stage investor whose involvement indeed points not to existing scale and success, but wider ambition. Other companies it has backed include CrowdStrike, Avalara, Samsara, Ant Group, Privitar, Trax and Gojek.

“Salsify is a clear market leader, serving some of the largest and most discerning global brands and retailers. The company’s strong track record, paired with a talented leadership team has positioned it well for the increase in demand for digital shelf solutions,” said Vishnu Menon, Managing Director, Warburg Pincus, in a statement.

“We are excited to partner with Salsify in their mission to help brands develop better and longer lasting relationships with consumers online,” said Michael Ding, Vice President, Warburg Pincus.

Source

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

Published

on

Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

White Wireless Charge Lamp | $18 | Amazon | Clip coupon + code ABC88699
Black Wireless Charger Lamp | $20 | Amazon | Promo code ABC88699

When you’re ready to turn in for the night, you don’t want to forget to charge your phone— especially if your mobile device doubles as your alarm clock.

With this wireless charger lamp, you can make this crucial step of your nightly routine even easier by just setting your phone on the wireless charging pad and… well, that’s all there is to it!

Advertisement

Other functions include multiple lighting modes as well as a sleep timer option for auto shut-off of the light after 30 or 60 minutes.

This lamp can be yours in white for $18 if you clip the coupon on Amazon (it’s below the original $40 price) and add promo code ABC88699 at checkout.

You can snag the black version for $20 using the same code—no coupon though, sorry.

Don’t sleep on this deal! Who knows how long stock or the coupon code will last?

Advertisement


Source

Continue Reading

Tech

Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

Published

on

Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Luncia Double-Decker Dish Carrier | $11 | Amazon | Promo code SDDU9S7F

It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

Advertisement

That means you can insulate and keep two dishes of food warm for only $11 instead of $30. What’s more, your Luncia carrier will arrive by Christmas if you order today as a Prime member.

Just add promo code SDDU9S7F and clip the 5% off coupon to bring the price down to $11 for the blue or the grey option.

Advertisement

Grab this offer while it’s still around!


Source

Continue Reading

Tech

Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

Published

on

Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

Advertisement

You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

Advertisement


Source

Continue Reading

Trending