Berlin-based e-commerce data integration firm Productsup has wrapped up $70 million in new funding. The Series B round was led by Bregal Milestone with existing investor Nordwind Capital following on. The new capital will drive product development, merger and acquisition opportunities, partner network expansion, and speakhead new market entry plans. Productsup has previously raised $20 million in March of last year.
With global e-commerce sales projected to reach over $5 trillion by 2022, the market is ripe with opportunities for commerce businesses to scale. However, research also shows that more than one-third (37%) of decision-makers are concerned with the consistency of product information being passed through their tech stack.
Founded in 2010, the German startup is filling this gap as it works with global brands, retailers, marketplaces, and service providers to help them gain control over their omnichannel strategy in order to gain market share.
Processing over two trillion products per month, the Productsup product-to-consumer (P2C) platform enables companies to convey a consistent product story across more than 2,500 marketing and selling channels, ultimately driving higher conversions and reducing time-to-market, according to the company.
“We’re in a new era of commerce where outdated approaches are no longer effective. What was once a simple task of bringing products to consumers has become an overwhelmingly complex process for today’s businesses," explained CEO Vincent Peters. "This funding round will allow us to work towards our mission to radically rethink how companies manage their products within the commerce ecosystem, ultimately empowering our customers to turn complexity into a competitive advantage.”
Marcel Hollerbach, co-founder and chief innovation officer, Productsup added: “With technology advancements like the metaverse on the horizon, these are exciting times for the commerce world,” “We are about to enter a new era of innovation, so it’s our priority to ensure companies are equipped to manage the proliferation of shopping channels and experiences to become the disruptors – not the disrupted.”
On the investment Bregal Milestone managing partner Cyrus Shey concluded, “Our decision to partner with Productsup was based on its long-term, sustainable trajectory as a mission-critical enterprise-grade commerce solution."