Brightpearl, an enterprise retail planning (ERP) platform has raised $16m in its latest growth round.
This investment was led by Cipio Partners, who join existing backers MMC Ventures and Notion Capital.
Alongside the investment, the company has named former Marks & Spencer main board director Maurice Helfgott as its chairman. In this role, Helfgott will focus on product innocation, building consumer and brand loyalty for clients, and boost strategic growth.
Brightpearl offers retailers and wholesalers a cloud-based back office platform to automate internal operations. Its management tools branch across financial, sales order, inventory, warehouse and fulfilment, purchase order and supplier, customer, marketing and POS, among others.
A business is able to automatically account for trading activity, generate a P&L and balance sheet on-demand, access real-time accounts payable and receivable and expand operations through cross-border trade.
Mobile POS software is also available to clients to accept both physical and online payments with a range of payment methods including PayPal. The solution also supports access to real-time business insights and an automated inventory management tool.
The platform is currently used by over 1,000 brands to transact more than $1.8bn of trade across 26 countries. Brightpearl has a YoY new business growth or 77 per cent, and a revenue growth of 34 per cent in the last year.
This equity injection will be used to expand its service and introduce machine learning capabilities which will help customers make better decisions.
Cipio Partners managing partner Roland Dennert said, “A big reason why Brightpearl’s retail ERP platform is catching on fast is that it provides multichannel retailers with a step-change improvement in ERP implementation time while being on feature parity or better for the targeted market than much more complex ERP solutions.”
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