Purple Dot, a pioneering e-commerce pre-order and waitlist platform, announced the closure of a €9.2 million Series A funding round. The round was led by leading European venture capital firm, OpenOcean, to fuel Purple Dot’s mission of creating a world where everything that gets made, gets sold.
The Series A funding round also featured strong participation from Commerce Ventures and existing investors Unusual Ventures, Connect Ventures, Moxxie Ventures, and Paul Forster, former CEO and co-founder of Indeed. This investment will enable Purple Dot to continue building its platform and expand its reach to more brands across various industries, revolutionising the way e-commerce operates. With a team of 15 based in London, UK, and Charlotte, NC, USA, the company is well-positioned to drive the future of e-commerce.
Purple Dot’s solution is trusted by hundreds of brands, including Oh Polly, one of the UK’s fastest-growing private fashion firms, Lando Norris, Goorin Bros, Astrid and Miyu, and Sachin & Babi, processing millions of dollars in transactions each month.
Madeline Parra, CEO and Co-Founder of Purple Dot said, said: “At Purple Dot, we are on a mission to create a world where, ultimately, every product that is manufactured is sold. The current e-commerce model leaves brands waiting for stock to arrive at the warehouse before they can start selling, leading to missed sales opportunities and unsold inventory. We believe the next wave of innovation will happen in the time before stock arrives, enabling brands to sell inventory no matter where it is in the world. Our pre-commerce platform puts the power back in brands’ hands, allowing them to take control of their sales timelines and maximise revenue potential. We’re thrilled to have our investors’ support as we continue to grow and empower brands to transform their e-commerce strategies.”
Founded in 2020, Purple Dot’s pre-commerce solution addresses a critical issue in the industry: countless products go unsold each year, leading to unsustainable business practices and significant waste. By empowering brands to sell earlier, Purple Dot helps them reduce inventory risk and store less, regardless of whether the stock is 1 day, 1 week, 1 month, or 1 year away. The company firmly believes that the next 10 years of e-commerce innovation will happen before stock arrives at the warehouse.
Recent disruptions in global trade such as the Red Sea shipping crisis have illustrated the importance of supply chain resilience for brands. By enabling brands to sell products before they arrive at the warehouse, Purple Dot helps them manage these risks and maintain sales momentum even in the face of unexpected challenges, reducing the impact of supply chain disruptions on their bottom line.
Sam Hields, Partner at OpenOcean, commented: “We are excited to lead Purple Dot’s funding round and support their vision of building the future of e-commerce. The company’s experienced founders have identified a major pain point in the industry and have developed an innovative solution to address it. What really impressed us about Purple Dot is their unwavering focus on delivering genuine value to their customers. They have built a solid core team and are laser-focused on solving the problem of unsold inventory and empowering brands to take control of their sales timelines. This customer-centric approach, combined with its innovative pre-commerce platform, positions Purple Dot as a company that will reshape the e-commerce world.”
Read the orginal article: https://www.eu-startups.com/2024/05/london-based-purple-dot-raises-e9-2-million-series-a-to-allow-brands-to-take-control-of-their-sales-timelines/
