Software company Productsup wrapped up a 65 million euros ($71 million) Series B fundraising round that the company plans to use for product development, merger and acquisition activity, strengthening its partner network and expansion into new markets, according to a Wednesday (April 6) press release.
European technology growth capital firm Bregal Milestone led Productsup’s funding effort, with participation from existing investor Nordwind Capital.
“What was once a simple task of bringing products to consumers has become an overwhelmingly complex process for today’s businesses,” said Vincent Peters, CEO at Productsup, in the press release. “We’re in a new era of commerce where outdated approaches are no longer effective.
“This funding will allow us to work toward 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,” he said.
Productsup works with more than 900 global brands, retailers, marketplaces and service providers to improve their omnichannel retail strategy at a time when eCommerce is projected to reach $5 trillion this year.
The Productsup product-to-consumer (P2C) platform processes more than 2 trillion products a month across more than 2,500 marketing and selling channels, the company said. Productsup will work with Bregal Milestone’s in-house value creation team, Milestone Performance Partners, to find and invest in product development initiatives to speed its growth.
Bregal will partner with Nordwind as part of the investment.
“With technology advancements like the metaverse on the horizon, these are exciting times for the commerce world,” said Marcel Hollerbach, co-founder and chief innovation officer at Productsup. “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.”
In August, Hollerbach told PYMNTS during a discussion on Macy’s relaunching the Toys R Us brand that as retailers look to create hybrid approaches for stores and eCommerce operations, “you see more and more retailers becoming marketplaces themselves.”