Bristol, UK-based Brightpearl, which currently helps approximately 1,000 retailers streamline their operations and boost sales, has raised $33 million in funding to scale its business.
Brightpearl's back-office solution includes financial management, inventory and sales order management, purchasing and supplier management, CRM, fulfilment, warehouse and logistics.
While prior backers Cipio Partners, Notion Capital and Verdane invested around $10 million, the bulk of the Series C round came from cloud-based business management solutions provider Sage, which pumped $23 million into the UK company.
For Sage, which is also taking a seat on Brightpearl’s board, the minority investment is part of a bigger picture. From the press release:
"Together, Sage and Brightpearl will help retail and e-commerce customers take advantage of best-of-breed cloud finance and retail management solutions, supporting them on their digital journey.
The partnership with Brightpearl is consistent with Sage’s broader strategy to invest in complementary high growth cloud-based software applications."
Worth noting: Brightpearl already has partnerships in place with the likes of Shopify, eBay and Amazon.
Derek O’Carroll, the chief executive of Brightpearl, said: "We are delighted to build this new relationship with Sage to further support our retail customers and accelerate the strong presence that Sage and Brightpearl have in the UK and US. Brightpearl’s solution brings significant benefits by automating retail processes so global merchants can save time and deliver outstanding and rapid end-to-end customer experiences. This investment will allow us to expand the platform and provide even better service, increase our product innovation and our fabulous team globally."
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