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Berlin-based Productsup, a company that provides a software- as-a-service (SaaS) platform to help brands, retailers and marketplaces stay on top of product-to-consumer information value chains and win big in the complex omnichannel commerce landscape, today announced it has raised $70 million in a series B round of funding.
While modern-day commerce seems to revolve around Amazon, the actual story is pretty different and complex. Retail giants are leveraging a myriad of channels and platforms to take their brands and products to customers across different markets. Now, at first, this sounds like an easy task where you just have to create a few accounts to get going. But, when you’re operating on a massive scale with multiple brands active in multiple countries, the simplicity vanishes. Imagine a beauty conglomerate managing 30 brands in 40 countries.
For them, reaching customers in every region through major social channels would mean having 1,200 Instagram accounts, 12,00 Facebook accounts and so on. They’d have to be regularly updated, which means even a small mistake in the product information value chain – be it an inaccurate description or image – could lead to losing not only individual sales but also hard-earned consumer loyalty, revenue and profit.
Productsup and its P2C platform
Productsup’s product-to-consumer (P2C) platform solves this challenge by managing different P2C information value chains at scale. It gives a 360-degree view of product data and combines it with capabilities such as automated product content syndication, marketplace data management and feed management to make necessary improvements across marketing and selling channels.
“Complete visibility of data across all channels, coupled with the ability to make updates in real-time, allows companies to easily manage the product experience,” Productsup said in a blog post.
The company currently serves over 900 global brands and retailers with its platform, processing over two trillion products every month. It claims that the platform can reach more than 2500 channels and help companies increase their traffic by up to 1000% and in-store revenue by 20%.
The growth numbers also back this promise. Productsup has seen 60% ARR growth in the last twelve months, with a gross revenue retention rate of 90% and a net revenue retention rate of 120%. Additional questions sent by Venturebeat for revenue numbers remained unanswered at the time of writing.
With this round of funding, which was led by Europe’s Bregal Milestone, Productsup will accelerate its product development and merger and acquisition efforts as well as expand into new markets to help companies better manage their products within the commerce ecosystem.
The goal of the company is to turn the complexity of modern commerce into a competitive advantage — something that will come in very handy to stand out as the competition continues to grow in the retail sector. Globally, ecommerce sales are projected to surpass $5 trillion by 2022.
However, it must be noted that Productsup is not the only one building solutions to help companies sell better. There are niche players like Salsify, Zentail, Feedonomics and Shopware as well as giants such as Salesforce and Shopfiy in this space.
“Our decision to partner with Productsup was based on its long-term, sustainable trajectory as a mission-critical enterprise-grade commerce solution,” Cyrus Shey, managing partner of Bregal Milestone, said.
“Whereas alternative vendors mostly offer point solutions, Productsup uniquely addresses the needs of the evolving commerce market for a single view of all product information value chains and offers seamless, end-to-end product data control – across all global channels and in real-time,” he added.
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