ChannelEngine raises $50 million to scale e-commerce tech platform
ChannelEngine, an online marketplace integration platform, has closed a $50 million Series B funding round led by Atomico, with participation from General Catalyst, and existing backers Inkef and Airbridge Equity Partners.
It will use the cash to scale its operations.
“We’re in the midst of a profound shift in e-commerce as brands are increasingly selling directly to consumers via open online marketplaces such as Amazon, Walmart and Zalando. Already 60% of e-commerce happens this way and the growth rate is phenomenal,” says ChannelEngine CEO and founder Jorrit Steinz (pictured above).
“Our centralised e-commerce integration platform eliminates complexity for brands and retailers, helping them connect with consumers, wherever they are.”
The Series B round also saw Stephan Schambach - founder of Demandware, Intershop and NewStore - join as an angel investor.
This raise brings the company’s total investment to $57 million, with Atomico Principal Luca Eisenstecken joining the ChannelEngine board, alongside General Catalyst Managing Director Larry Bohn, and Max Rimpel.
“The Covid-19 pandemic dramatically accelerated the adoption of e-commerce, which now accounts for 20% of all global retail sales. The global e-commerce market is expected to grow by over $500 billion between 2022 and 2023 alone,” says Eisenstecken.
“By building the largest e-commerce operating platform, ChannelEngine is set to capitalise on this opportunity by giving brands and retailers instant access to the global marketplace.”
“As the use of e-commerce continues to accelerate, retailers and brands have to meet consumers where and how they shop,” says Bohn.
“ChannelEngine has built out a complete, tech first platform that’s both robust and global. General Catalyst is excited to invest in ChannelEngine as they help leading e-commerce companies sell on marketplaces worldwide.”
