A software company helping eCommerce businesses automate and manage data flows across backend systems has raised £3.3 million.
Gresham House Ventures – a growth equity investor specialising in software and digitally driven businesses in the consumer, healthcare and service sectors – made the investment in Patchworks.
It marks the third investment in the last year for the Gresham House Ventures team in the digital consumer space, as it focuses on the technologies enabling D2C ecommerce offerings which it believes are crucial for the future of the retail space.
The team earlier invested into shipping optimisation software provider Scurri and deals personalisation platform RevLifter.
The investment, made on behalf of the Baronsmead VCTs, will enable Patchworks to bolster sales and marketing capabilities and advance product development, as the business looks to further capitalise on the continued growth of e-commerce.
Patchworks was founded in 2014 and now boasts more than 200 dynamic ecommerce customers – including Gymshark, Lounge Underwear and Huel. Its software connects key ecommerce systems, including shop front, ERP, CRM and warehouse management, allowing businesses to simplify the integration of their technology stack.
The investment is led by Henry Alty, Investment Director at Gresham House Ventures, and will see fellow Investment Director Rupesh Patel join the board of Patchworks after the investment. Experienced advisor and private equity operating partner Simon Drane will become non-executive Chair alongside his NED role at Gresham House Ventures investee eConsult.
Henry Alty, Investment Director, Gresham House Ventures, said: “Patchworks provides key integrations to ecommerce stores, partnering with some of the best-known and fastest-growing retailers and technology vendors to automate and manage the flow of data across an entire business.
“Patchworks has achieved impressive growth on personal resources to date and it is poised to continue on this path. With Rupesh on the board and Simon as non-executive Chair, Patchworks will be able to leverage our expertise and that of our contacts in helping technology businesses scale, while the capital injection will allow the business to accelerate sales, marketing and product development efforts – taking it to the next stage of growth.”