B2B Payments

B2B Tech Firm Nets $24M In Funding Round

Product Lifestyle Management firm Centric Software Inc. recently announced that it raised $24 million in a Series D funding round, which was led by Fung Capital USA and Silver Lake Waterman. The money is going to be used to help Centric expand into the China market, according to a company release.

"Looking at the world market, China represents one of the biggest opportunities in the apparel and consumer products market, with both brands and retailers,” Centric President and CEO Chris Groves said in a company statement. “Centric has a tremendous amount to offer these companies as they grow and expand internationally. The time is now for PLM adoption, and specifically for adoption of flexible, configurable software like the Centric 8 PLM solution."

Centric’s technology supports the production of B2B digital catalogs that display products with accurate and current data that companies present to their business customers online.

Groves added that as the Chinese consumer product market expands and becomes more complex, companies’ business processes are also developing.

“The market is ripe for PLM’s efficiency, business benefits and ability to manage market complexities,” Groves said.

The funding will also help Centric open an office in Shanghai – the company’s first location in China.

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