AMP raises $18.5m to expand eCommerce platform

Australian firm AMP has raised $18.5m in its series A funding round, as it looks to further expand its interconnected, end-to-end platform for eCommerce merchants.

The round featured participation from a pair of Singaporean VCs, Jungle Ventures and Openspace Ventures.

The platform was launched by its two founders, Cameron Priest and Patrick Barnes, after they encountered hundreds of brands and merchants managing around 25 different apps daily in order to run their eCommerce stores.

Commenting on the round, co-founder and CEO Patrick Barnes, said: “We’re thrilled to have the support of such a strong group of investors as we continue to build the AMP platform. This investment will enable us to expand our team and accelerate our product development through a mix of building and buying best-in-class software to empower eCommerce entrepreneurs to start, grow and scale their business.”

AMP has already made three acquisitions to further round out its end-to-end eCommerce platform including checkout and conversion startup AppHQ, shipping solution, Addition, and analytics tool, Lifetimely.

Since its inception in 2022, it has grown rapidly, with it now boasting a customer market of around 20k.

Co-founder Priest said: “AMP was born from the desire to keep things simple. We’ve created a platform of interconnected, high-performance solutions, built to power and scale eCommerce businesses while solving multiple problems from optimising sales, managing shipping and tracking analytics. Over the next year, the AMP platform will see significant additions to its suite of solutions, along with improvements to existing solutions, more integrations and exciting partnerships.”

Commenting on the investment, David Gowdey, Managing Partner at Jungle Ventures, said, “eCommerce share will only continue to grow and the digital contribution to revenue for small businesses is only getting larger.

“These merchants need solutions which work seamlessly together, so that they can increase efficiency and maximise sales. AMP is both building and acquiring apps to create a compelling suite of services that help power these merchants’ stores in Australia, the US and around the globe.”

Shane Chesson, Founding Partner at Openspace said: “Openspace is excited to support AMP on its journey to become the leading software ecosystem for the eCommerce sector. Founded by SaaS and eCommerce veterans, AMP will enable merchants around the globe to increase their sales, deliver leading customer experience and improve operational efficiency.”

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