Productsup, the leading P2C software company, today announced a Series B funding round for more than $70 million (€65 million) led by Bregal Milestone, a leading European technology growth capital firm, with participation from its existing investor, Nordwind Capital. The investment will enable Productsup to further advance its product development, target merger and acquisition opportunities, strengthen its partner network, and expand to new markets to solidify its position as the leading global solution for commerce success.
“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. “We’re in a new era of commerce where outdated approaches are no longer effective.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.”
With global ecommerce sales projected to reach over $5 trillion by 2022, the market is ripe with opportunities for commerce businesses to scale. But research shows that more than one-third (37%) of decision-makers are concerned with the consistency of product information being passed through their tech stack. Productsup fills this gap, working with over 900 global brands, retailers, marketplaces, and service providers to help them gain control over their omnichannel strategy in order to gain market share. Processing over two trillion products per month, the Productsup product-to-consumer (P2C) platform is the only solution available that provides a holistic view of data across every product touchpoint. The platform enables companies to tell a consistent product story across more than 2,500 marketing and selling channels, which drives higher conversions and reduces time-to-market.
Productsup has seen a recent acceleration in its business thanks to its unique set of enterprise capabilities, growing net new ARR by over 60% in the last twelve months. Productsup currently boasts a gross revenue retention rate of 90% and a net revenue retention rate of 120%. Beyond financial gains, the company has increased its headcount from 150 to 300 employees, expanded its leadership team, and was named a leader in P2C management by Constellation Research all within the last year.
“Our decision to partner with Productsup was based on its long-term, sustainable trajectory as a mission-critical enterprise-grade commerce solution,” said Cyrus Shey, Managing Partner of Bregal Milestone. “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.”
Productsup will work closely with Bregal Milestone’s in-house value creation team, Milestone Performance Partners, to identify and invest in various product development initiatives to further accelerate Productsup’s growth. As part of the funding round, Bregal Milestone will partner with existing investor Nordwind Capital who initially invested in the company in 2017 and still retains a majority stake in Productsup after the transaction.
“This investment substantiates the effort and work we have put forth into transforming Productsup to be the P2C category leader,” said Christian Plangger, Managing Partner of Nordwind Capital. “We are excited to partner with a renowned technology-focused growth capital firm like Bregal Milestone to continue to build on the company’s successes and accelerate its growth globally.”
“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.”