Leading provider of online market place software, Merchantry, receives $7 million in Series B Financing. The new investment was lead by Kite Ventures and joined by Greycroft Partners and e.ventures. In 2011 and 2012, the company also raised $10 million Series A funding from Giftlab.com, Marvin Traub Associates and others. Merchantry hopes to continue its sales team and client expansion in the U.S. and Europe with the new funding.
“The increasingly consumer-driven retail environment is leading a convergence of merchandising, customer service, marketing and supply chain management and there is incredible need – and potential – for technology solutions to help retailers adapt and succeed. This investment allows us to expand and educate the market,” said Rick Watson, CEO of Merchantry. “Our software helps retailers adjust to the ongoing retail evolution by giving them access to an expanded assortment of products providing by third-party suppliers, while fully supporting the merchandising and marketing teams with e-commerce-ready product information, full visibility to order status and ongoing performance reporting.”
The venture-backed technology company is headquartered in New York, along with a regional office in London. Merchantry is a leading provider of e-commerce software-as-a-service solution that empowers retailers and media businesses to generate new revenue streams by building online marketplaces. They deliver market-leading capabilities for some of the largest retail and media brands in North America and Europe such as amazon.com, Shop My Label, Viacom, and Marks & Spencer. Merchantry offers product inventory supplied by third-party merchants, increasing revenue while investment and risk is minimized.
“Merchantry is helping some of the world’s largest retailers succeed in a rapidly changing environment,” said Edward Shenderovich, Managing Director of Kite Ventures. “Their trust in Merchantry underlies the efforts of the team, which has done a terrific job in transforming the market. We are proud to be on board of this exciting ride.”
By Pia Talwar