Retail integration platform Patchworks has received a further £1.5 million in funding from growth equity specialists Gresham House Ventures.
This latest round follows an initial investment of £3.3m in August last year. Patchworks plans to utilise the new funds to continue its expansion into Europe.
The eCommerce integration specialist had its most successful year to date, with an estimated £1.5 billion worth of orders being processed through the platform between July 2021 and June 2022. It saw a 51% increase in clients and doubled its annual recurring revenue.
Patchworks connects key eCommerce systems, including storefronts such as Shopify and BigCommerce, ERPs, CRMs, and fulfilment solutions, allowing retailers to simplify the integration of their technology stack.
Founded in 2014, it now boasts more than 200 eCommerce customers. Over the past year, Patchworks has partnered with a wide range of innovative brands looking to create friction-free customer journeys, such as ABYL, Gym+Coffee and Trinny London. They join its existing portfolio of brands such as Huel, Gymshark (pictured), Lounge Underwear, Castore, Cox & Cox and Simba Sleep.
Patchworks has empowered many of its clients’ impressive growth since inception, with a platform capable of bulk processing power. Throughout the last year clients processed nearly 200 million transactions, around six a second or 372 a minute.
Jack Humphreys, chief operating officer at Lounge Underwear said: “We’ve been working with Patchworks for a few years now, utilising both their iPaaS and their new Stockr product. It’s great to see them grow and start to reach their full potential.
“They have supported our growth in the time we’ve been working with them and really helped us get to where we are today, including supporting us to grow 215%, and placing 6th in this year’s The Sunday Times Hundred 2022.”