E-commerce startup Purple Dot raises $10 million Series A to help online retailers and brands reduce unsold inventory

Purple Dot, an e-commerce pre-order and waitlist platform, has announced the closure of a $10 million Series A funding round.

This was led by European venture capital firm, OpenOcean.

Purple Dot's solution is used by hundreds of brands, including Oh Polly, Lando Norris, Goorin Bros, Astrid and Miyu, and Sachin & Babi, processing millions of dollars in transactions each month.

The Series A funding round also featured participation from Commerce Ventures and existing investors Unusual Ventures, Connect Ventures, Moxxie Ventures, and Paul Forster, former CEO and co-founder of Indeed.

The cash will enable Purple Dot to continue building its platform and expand its reach to more brands across various industries. The company has a team of 15 based in London, UK, and Charlotte, NC, USA.

Purple Dot's pre-commerce solution addresses the fact that countless products go unsold each year, leading to unsustainable business practices and significant waste.

By enabling brands to sell earlier, it helps them reduce inventory risk and store less, regardless of whether the stock is one day, one week, one month, or one year away.

Madeline Parra, CEO and Co-Founder at Purple Dot, says: “We are on a mission to create a world where, ultimately, every product that is manufactured is sold. The current e-commerce model leaves brands waiting for stock to arrive at the warehouse before they can start selling, leading to missed sales opportunities and unsold inventory.”

“We believe the next wave of innovation will happen in the time before stock arrives, enabling brands to sell inventory no matter where it is in the world. Our pre-commerce platform puts the power back in brands' hands, allowing them to take control of their sales timelines and maximise revenue potential.”

“We're thrilled to have our investors' support as we continue to grow and empower brands to transform their e-commerce strategies.”

Sam Hields. Partner at OpenOcean, comments: “We are excited to lead Purple Dot's funding round and support their vision of building the future of e-commerce.”

“The company's experienced founders have identified a major pain point in the industry and have developed an innovative solution to address it. What really impressed us about Purple Dot is their unwavering focus on delivering genuine value to their customers.”

“They have built a solid core team and are laser-focused on solving the problem of unsold inventory and empowering brands to take control of their sales timelines. This customer centric approach, combined with its innovative pre-commerce platform, positions Purple Dot as a company that will reshape the e-commerce world.”