The boom in ecommerce post-pandemic meant shops moved online. However, some merchants ended up with dozens of separate app providers to accommodate everything from supply chains, inventory, and marketing. The founders of Shop Circle realized this and either built or bought many such apps. The company has now raised $60 million in a Series B fundraise led by Nextalia Ventures in order to scale up this strategy.
With this funding, Shop Circle has also completed the acquisition of Aiden, an AI-powered, so-called “guided-selling” software used by such ecommerce giants as LG, Prenatal, and Intersport, among others.
Shop Circle claims its year-on-year revenues have increased by 110%, which helped it raise funds, as did its focus on commerce-centric products powered by the increasing power of generative AI integration. It also has been profitable for two consecutive years.
“Our main solutions range from AI-driven product discovery, primarily for commerce, up-selling, review management, inventory management, and the strength is that all the software comes together under one unified Shop Circle platform,” said CEO and co-founder Luca Cartechini.
Asked about their competitors, he said: “We do have several competitors for each of the category … But none of them have all the products under one platform.”
In fact, part of Shop Circle’s success lies in its deep integration with Shopify: “Shopify is a partner for us and we’re the largest provider of solutions in the Shopify app store, basically the App Store of Shopify,” he said.
In a statement, Francesco Canzonieri, CEO of Nextalia said: “Shop Circle stands out in the industry with its innovative approach to delivering a unified B2B software suite.”
Additional participants in this funding round included Endeavor Catalyst, along with existing investors such NFX, QED Investors, 645 Ventures, 3VC, and i80 Group.
This latest fundraising follows a $120 million 2023 raise that was led by 645 Ventures and 3VC.
Earth Sciences Minister Kiren Rijiju is reportedly upset with the French IT company Atos. Reason is said to be Read more
Bobby Kotick, the former head of Activision Blizzard, is reportedly considering buying TikTok, as the app could be banned Read more
Apple's Find My app has cost the city of Denver, US $3.76 million in compensation and damages. In 2022, Read more
If you have been planing to purchase a budget smartphone, then you can consider buying the Moto G54. Launched Read more