Purple Dot, an eCommerce pre-order and waitlist platform, has raised around £8 million in a Series A funding round.
With a mission of creating a world where ‘everything that gets made, gets sold’, its solution is used by hundreds of brands including Oh Polly, one of the UK’s fastest-growing private fashion firms, Lando Norris, Goorin Bros, Astrid and Miyu, and Sachin & Babi, processing millions of dollars in transactions each month.
The round was led by European venture capital firm OpenOcean and featured participation from Commerce Ventures and existing investors Unusual Ventures, Connect Ventures, Moxxie Ventures and Paul Forster, former CEO and co-founder of Indeed.
This investment will enable Purple Dot to continue building its platform and expand its reach to more brands across various industries, revolutionising the way eCommerce operates. It has a team of 15 based in London and Charlotte in the US.
Purple Dot’s pre-commerce solution addresses a critical issue in the industry: countless products go unsold each year, leading to unsustainable business practices and significant waste. By empowering brands to sell earlier, Purple Dot helps them reduce inventory risk and store less, regardless of whether the stock is a day, a week, a month or a year away.
“At Purple Dot, we are on a mission to create a world where, ultimately, every product that is manufactured is sold,” said Madeline Parra, CEO and co-founder.
“The current eCommerce 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 eCommerce strategies.”
Sam Hields, partner at OpenOcean, commented: “We are excited to lead Purple Dot’s funding round and support their vision of building the future of eCommerce. 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 eCommerce world.”