Istanbul-based retailer and consumer brands-focus headless commerce platform Akinon has raised $20 million in a Series B funding round. Based around an API-first architecture, the firm helps SME’s and larger clients streamline retail sales, both online and in brick-and-mortar locations and provides order, user experience, and customer data support. The new funding will be used to up the competitive ante on a global scale, particularly with a push into the MENA, Eastern Europe, and Asian markets. To date, the firm has raised $25 million.
In its home market of Turkey, Akinon has captured approximately half of the top 100 retailers including Lacoste, Marks & Spencer, Sephora, and Gap, and the company counts numerous additional partners in 17 countries across Europe including Russia, Ukraine, Poland, Hungary, Czech Republic, and Greece.
Operating on a commission-based structure, Akinon generates revenues based on the gross merchandise value of clients and managed $315 million in GMV in 2020, a number that represents a 150%+ year-over-year run rate. According to company representatives, this is a number they intend to increase to over $1 billion in 2022.
On the raise co-founder and CEO Tolga Tatari commented, “We continue to work very hard with our strong team of 400 and plan to double that number in 2022. Our goal is to double our revenue next year by expanding in new regions where we plan to establish and work with local partners.”
“We are just at the beginning of the cloud-based commerce platform revolution and we believe that Akinon has the technology and the experience to become one of the world leaders in that segment. This new capital round will allow us to increase our internationalization and service even more global companies,” concluded SmartFin Capital founding partner Jurgen Ingels.