London, UK – 12th July 2022 – Retail integration platform Patchworks has obtained an extra £1.5 million in funding from progress fairness specialists Gresham Home Ventures to energy market progress. This newest spherical follows an preliminary funding of £3.3 million in August final yr. Patchworks plans to utilise the brand new funds to proceed its growth into Europe.
The ecommerce integration specialist had its most profitable yr to this point, with an estimated £1.5 billion price of orders being processed via their platform – between July 2021 and June 2022. Patchworks noticed a 51 % enhance in shoppers and doubled its recurring income.
Patchworks connects key ecommerce techniques, together with storefronts similar to Shopify and BigCommerce, ERPs, CRMs, and fulfilment options, permitting retailers to simplify the combination of their know-how stack.
Based in 2014, it now boasts greater than 200 dynamic ecommerce prospects. Over the previous yr, Patchworks has partnered with a variety of progressive manufacturers seeking to create friction-free buyer journeys, similar to ABYL, Fitness center+Espresso and Trinny London. They be part of its present portfolio of manufacturers similar to Huel, Gymshark, Lounge Underwear, Castore, Cox & Cox and Simba Sleep.
Patchworks has empowered lots of its shoppers’ spectacular progress since inception, with a platform able to bulk processing energy. All through the final yr shoppers processed almost 200 million transactions, round 6 a second, or 372 a minute.
Jack Humphreys, Chief Working Officer at Lounge Underwear mentioned: “We’ve been working with Patchworks for a number of years now, utilising each their iPaaS and their new Stockr product. It’s nice to see them develop and begin to attain their full potential. They’ve supported our progress within the time we’ve been working with them and actually helped us get to the place we’re at the moment, together with supporting us to develop 215 %, and putting sixth on this yr’s The Sunday Instances Hundred 2022.”
Simon Drane, Chairman of Patchworks mentioned: “Patchworks has had an exceptional yr of progress in a fast paced and increasing market. A yr on from the funding from Gresham Home Ventures the enterprise has greater than doubled recurring revenues, launched new merchandise, gained some superb new shoppers, established a robust senior management crew, and has now secured follow-on funding to gas quicker progress. Patchworks has had a fantastic begin to its funding interval.”
James Pennington, Chief Monetary Officer at Patchworks mentioned: “The change to on-line has been an actual catalyst for our progress. As we head into more difficult monetary occasions, the necessity to function extra effectively by optimising present know-how stacks will probably be extra vital than ever. The significance of with the ability to combine these stacks rapidly and effectively, and use the info they supply to make enterprise important choices precisely will probably be paramount.
“We’re delighted with what we’ve achieved during the last yr and with the newest funding from Gresham Home Ventures, accelerating our market progress will probably be a giant focus for us over the following yr,” Pennington concluded.
Patchworks has launched three progressive merchandise within the final 12 months, together with Patchworks Platform (iPaaS), Patchworks BI and Stockr. The funding has additionally enabled the enterprise to extend its headcount by 53 %. Key hires embody Chief Income Officer – Eduardo Silva, Chief Product Officer – Conor Barr and James Pennington as Chief Monetary Officer.
Rupesh Patel, Funding Director at Gresham Home Ventures commented: “Middleware allows retailers to develop and save, whereas selecting one of the best instruments for the job – making Patchworks the right enterprise to help firms growing nice buyer journeys. We’re delighted to proceed our funding with them as they scale up. Thrilling occasions!”