London-based e-commerce software provider Shop Circle announced that it has raised $120M (~ €111.6M) in a Series A round of funding.
The round was led by 645 Ventures and 3VC, and joined by previous investors QED Investors and NfX. The i80 Group provided a credit facility for the funding, which was secured through a strategic blend of equity and debt.
Luca Cartechini, CEO and co-founder of Shop Circle says, “We’re thrilled to announce the successful close of our Series A funding round, which will enable us to continue building and expanding our suite of e-commerce tools.”
“Our vision has always been to create a comprehensive operating system for e-commerce brands, providing them with the necessary technology to excel in today’s competitive market,” he adds.
Shop Circle says it has witnessed a 360 per cent year-over-year growth trajectory. The company attributes this growth to its continued efforts to enhance its backend and customer-facing solutions suite.
Advancing e-commerce efficiency with AI
Shop Circle has been working on developing AI-driven tools and processes to make its core operations in e-commerce even more scalable.
“Since our inception, we have embraced the AI revolution and promptly built several applications to support and automate the majority of our processes, offering a distinct advantage in operating and growing our suite of software,” says Gian Maria Gramondi, co-founder and COO of Shop Circle.
“Our goal is to equip e-commerce entrepreneurs with the high-performance tools and expertise they need to scale business effortlessly,” adds Gramondi.
In addition to its primary platform, Shop Circle has introduced a programme for tech stack consultations driven by data and AI. The goal here is to optimise brands’ tech setups, reduce costs and increase conversions for better customer experiences.
“With our tech stack review programme, we are able to help e-commerce companies unlock their true potential by shedding unneeded tech and costs, enabling long-term success and growth,” mentions Gramondi.
Shop Circle’s leadership team includes professionals with extensive experience in companies like Amazon, Shopify, Uber and other top e-commerce brands. The company serves over 100,000 e-commerce brands globally and is committed to empowering merchants with cutting-edge technologies and insights for growth.
What the investors say
Nnamdi Okike, co-founder and managing partner at 645 Ventures, says, “Shop Circle’s vision to build a leading SaaS platform for the second wave of commerce brands aligns perfectly with our investment strategy, which is to back exceptional founders building differentiated businesses in large markets.”
“We believe that Shop Circle will be a driving force in shaping the future of e-commerce, and we are proud to support Luca, Gian Maria, and the team in their growth journey,” adds Okike.
Peter Lasinger, partner and founder of 3VC, expresses his confidence in the Shop Circle team.
“We have great trust in Luca, Gian Maria, and the whole Shop Circle team, as their dedication to creating an exceptional merchant’s experience matches what we look for in entrepreneurs at 3VC. We’re excited to join them on their journey, expecting remarkable success in their future,” Lasinger says.
Peter Frank, managing director at i80 Group, says, “We’re thrilled to announce our partnership with Shop Circle, the software suite for e-commerce brands.”
“At i80 Group, we’re captivated by the strong growth potential and execution capabilities of the Shop Circle team in the e-commerce enablement space, which Shop Circle is playing a leading role in shaping. We look forward to supporting Shop Circle in their next phase of growth,” he adds.
Read the orginal article: https://siliconcanals.com/news/startups/e-commerce/shop-circle-bags-111-6m/
