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Customers, revenue, and retail growth lift Brightpearl to $10M third round

hand pearls Ethan Daniels shutterstock

After running a successful skateboard company for a decade, Chris Tanner had it with the high costs and limited features of business software like Sage and Netsuite.

So he started building an alternative of his own.

Today, that company, Brightpearl, has more than 1,300 paying customers and says it has processed more than $1.4 billion in gross merchandise value for those businesses. Brightpearl claims it is doubling its revenue every year.

And it has just picked up $10 million in investment capital to speed up product development and expand its sales team.

Brightpearl helps companies manage orders, inventory, accounting, and customer data. “Brightpearl customers are outperforming the overall retail sector and experiencing growth rates of 30 percent to 40 percent by adding new sales channels on the Brightpearl platform,” said Charles Grimsdale, a cofounder of Eden Ventures and a board member of Brightpearl, in a statement.

MMC Ventures led the round, with participation from Quayle Munro and existing investors Eden Ventures and Notion Capital. Brightpearl had picked up an $8 million series B just under a year ago, and the latest round brings the company to $24.5 million in total funding.

Brightpearl has 88 employees and has offices in Bristol, U.K. and San Francisco.