Mirakl raises $555m to help retailers build online stores

Enterprise platform Mirakl has raised $555m to help retailers build online marketplaces

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Online spending has seen a sharp increase in the last few years – Photo: Shutterstock
                                

French e-commerce software company Mirakl has raised $555m to help retailers build online marketplaces. 

The Series E funding round was led by Silver Lake Partners, with participation from long-term strategic investors 83North, Elaia Partners, Felix Capital and Permira.

Mirakl’s valuation has doubled since it closed a $300m Series D funding round at a $1.5bn valuation in September last year. The Series E round now brings the company’s valuation to more than $3.5bn.

E-commerce acceleration

Mirakl helps enterprises build e-commerce platforms to digitise their businesses and keep pace with the growing pressures of rising competition and customer demand.

It powers online marketplaces for over 300 brands, including Best Buy Canada, Carrefour, Express and Toyota Material Handling, and plans to use the investment to grow its engineering team and expand to new geographies.

As consumer spending habits have shifted dramatically in the last two years, Mirakl recognised that the enterprise marketplace is imperative for sustainable business transformation. According to data from McKinsey, US e-commerce penetration experienced 10 years of growth during the first three months of 2020, with a disproportionate share of this growth in enterprise marketplaces. During the fourth quarter of 2020, marketplaces grew by more than double the overall rate.

This growth has proven resilient, seeing Mirakl record 90% growth in year-over-year bookings value during the first half of 2021.

New growth opportunities

“The world has shifted irreversibly towards e-commerce, and the enterprise marketplace model has clearly emerged as the only solution that will enable businesses to survive in a competitive global sales environment,” said Adrien Nussenbaum, co-CEO and co-founder of Mirakl, in a company statement.

“This investment will enable us to pursue new growth opportunities as we work to bring our enterprise marketplace vision to new customers, regions and industries,” added Nussenbaum.

A potential IPO may be on the horizon as Nussenbaum stated that the business would be in a suitable position to go public within "a couple of years", as reported by Bloomberg.

Further reading: Consumer-branded payments startup Recharge raises $35m

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