Marketplacer Raises $38 Million in Latest Funding Round
Marketplacer, a tech platform that helps brands, retailers, and other businesses develop their marketplaces, has raised a new round of funding. This brings the total to $85 million raised to date.
The latest funding round included Acorn Capital, Endeavor Asset Management, Ellerston Capital, and Mirrabooka, among many others. It also had some new investors, such as Fifth Estate, Wunala Capital, and Washington H Soul Patterson.
This Australian-based platform already has more than a hundred marketplaces on its platform globally. The new funding will help it grow its product suite further, broaden the partnership program, and continue the U.S. expansion.
The company’s founder, Jason Wyat, said in a statement: “[The latest round of funding] will enable us to amplify our sales and marketing efforts and accelerate our product development, taking our offering to enterprise customers in the United States, Asia Pacific and beyond.”
“A marketplace strategy, underpinned by a trusted and proven platform, is the next big growth lever in commerce, and Marketplacer is at the forefront of enabling all retailers to add these capabilities to their offering,” he added.
Marketplacer already has some big names on its platform, such as Woolworths, a major Australian supermarket chain, Fishbrain, a fishing enthusiast app, and lifestyle brand SurfStitch. However, in the U.S., it faces serious competition from an already established marketplace platform Mirakl. Still, with the global marketplace expanding, competing with Mirakl in the U.S. is an attainable goal for the platform.
Mirakl recently raised $555 million in September through its series E funding. The company has more than 300 enterprise marketplaces, including some major brands, such as Toyota, Siemens, and BestBuy. These brands use this platform to assist them in selling their goods globally.
There’s still lots of room for healthy competition in the marketplace SaaS field, though. WebRetailer estimated that about 47% of all worldwide eCommerce sales in 2020 were made through these types of marketplaces. Since many new companies are turning to eCommerce platforms to offer their services, a significant percentage of sales goes through them. The Alvarez & Marsal consulting firm estimates that this type of sales will account for approximately $5 trillion by 2025.
Julia A. is a writer at SmallBizGenius.net. With experience in both finance and marketing industries, she enjoys staying up to date with the current economic affairs and writing opinion pieces on the state of small businesses in America. As an avid reader, she spends most of her time poring over history books, fantasy novels, and old classics. Tech, finance, and marketing are her passions, and she’s a frequent contributor at various small business blogs.
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