Shopblocks raises £2 million from NPIF II – Mercia Equity Finance, rebrands to Symphony Commerce

Shopblocks, a UK-based specialist in digital commerce, has raised £2 million from NPIF II – Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II), Mercia’s EIS funds, the Greater Manchester Combined Authority (GMCA) and private investors.

This comes as Shopblocks rebrands to Symphony Commerce and launches a range of new features and functionality as it hones in on the global business to business (B2B) enterprise market.

Symphony’s platform allows wholesalers, distributors, and manufacturers to create tailored e-commerce sites, customer portals and product catalogues. It aims to fill a gap in the market for a platform that can handle the scale and intricacies of B2B operations, such as managing complex customer pricing strategies, tailored discounts and personalised experiences across extensive customer bases. It integrates with leading ERP, finance and marketing software.

Founded in 2015, the platform is now used by over 2,000 customers including Toshiba, Giacom, Daisy Telecom and Tower Housewares. The business, which is based in Stockport and employs 26 staff, has almost doubled annual recurring revenue (ARR) to £1.4 million over the past 18 months and aims to triple that within the next three years.

The funding round, which brings the total raised to £6 million, will enable it to expand its presence in the global B2B enterprise market and enhance its platform with new features and integrations. 

Kevin Jones, Founder and Chief Technology Officer at Symphony Commerce, says: “We’re empowering our clients to outpace their competition with agility and precision, ensuring they remain leaders in their industries. This investment allows us to scale faster, expand our team, and deliver a superior customer experience.” 

Mercia Ventures and the first Northern Powerhouse Investment Fund initially invested in the company in 2023. Robert Hornby of Mercia Ventures says: “Symphony Commerce solves a number of complex challenges for B2B companies that other platforms are unable to deal with.”

“As a result it is rapidly building its customer base in the B2B sector and has the potential to become a leader in its field. With a new brand and fresh investment, we believe the right foundations are in place to help the business pursue this goal.” 

2024 RTIH INNOVATION AWARDS

E-commerce was a key focus area at the sixth edition of the RTIH Innovation Awards.

The awards celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering.