Numerous online retailers are gradually increasing the usage of the third-party online marketplace as an alternative sales channel. However, managing multiple marketplaces has its own challenges.
To maximise the sales on each platform, sellers must pay attention to various factors simultaneously, which at times can be frustrating. And this is where ChannelEngine, a Leiden-based startup, comes to help.
The Dutch company helps retailers, brands, and wholesalers to sell their products on multiple online marketplaces at the same time through a single e-commerce integration and management suite.
Raised £4.4 million
Recently, the ChannelEngine raised €5 million (approx £4.4 million) in Series A funding led by INKEF Capital, with participation from existing investor Airbridge Equity Partners.
The funding will be used to continue the rollout in Europe, and to expand into APAC, Russia, the Middle East as well as both North and South America.
Besides, the company plans to hire 70 new employees worldwide in 2021 across various levels and roles. The company is also planning to add new UK channels, partners, and more clients with this funding.
Seamless integration
Founded by Jorrit Steinzl, ChannelEngine is on a mission to bridge the gap between the backend systems of its customers and online sales channels such as Amazon, Zalando, Google, eBay, and many more, on a global scale.
The platform offers brands, distributors, and retailers automated order and return systems, an advanced management suite, and a rich partner ecosystem, to bring their sales to the next level.
ChannelEngine’s platform is used by various global brands including JBL, Bugaboo, and Staples, amongst hundreds of others.
Kyang Yung, Junior Partner at INKEF comments that “It goes without saying that the company has grown like a rocket ship off the back of COVID, although pre-COVID rates were already more than impressive. And, as brands across the globe are finally leaping to go direct-to-consumer, ChannelEngine’s customer roster now also boasts some pretty impressive global brands. For us, it was the interesting market position, the traction, and last but not least, the team’s deep domain knowledge of e-commerce which made us decide to make this strong, conviction-based investment.”
Jorrit Steinz, CEO & Founder of ChannelEngine adds, “On a global scale, e-commerce is becoming a driving force of all retail sales. Customers have shifted their search behavior for products from search engines to marketplaces. Large e-commerce players, as well as search engines, social media platforms, and comparison sites, are turning into marketplaces themselves. While this creates more sales opportunities for brands and retailers, they are faced with the challenge of managing all these different channels at the same time. That’s why we’ve built ChannelEngine, a powerful Software as a Service platform that enables Brands, Retailers, and Distributors to connect, automate, and manage their sales on all these international sales channels.”
The post As marketplace gains popularity amid pandemic, this Dutch company grabs £4.4M funding; eyes expansion in UK appeared first on UKTN (UK Tech News).
