Gresham House Ventures makes £1.75mn follow-on investment in retail technology firm Patchworks
Gresham House Ventures has made a follow-on investment of £1.75 million into Patchworks.
Taking the form of a convertible loan note, this is Gresham House Ventures’ fourth investment in Patchworks.
Forming part of a £2 million round, it brings the former’s total funding to £10.5 million since its first injection of capital in July 2021.
Patchworks offers software that connects key e-commerce systems including shopfront, ERP, CRM and warehouse management, enabling businesses to streamline the integration of their technology stack.
Led by Grant Paul-Florence from Gresham House Ventures, the investment will be used to drive innovation and new features in the business’s existing software as a service (SaaS) platform, which has been adopted by e-commerce businesses including Huel, Gymshark and Lounge Underwear, and to support its expansion internationally.
Paul-Florence says: “We have continued to be impressed by Patchworks’ management team and the business’s sustained growth in recent years.”
“Our previous investments have supported Patchworks in broadening its product offering and expanding its client base, so we are excited to see the business go from strength to strength with this additional funding as it develops its software platform further this year.”
Jim Herbert, CEO at Patchworks, says: “Our relationship with Gresham House Ventures has already played a significant role in driving our recent success.”
“This latest investment positions Patchworks for even stronger growth in 2024, with our platform becoming increasingly established as the most effective solution on the market to seamlessly integrate complex systems with minimal effort.”
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