Fast-growing eCommerce software company Shop Circle has raised £96 million in Series A funding.
The London-based firm was co-founded in 2021 by Luca Cartechini and Gian Maria Gramondi to provide eCommerce tools to fledgling entrepreneurs.
It raised £54m in funding last year as it ‘exited stealth mode’ and says it has built a customer base of 100,000 eCommerce brands worldwide – 360% year-over-year growth – since launching in June 2022.
The new round of funding was led by 645 Ventures and 3VC, along with prominent participation from established supporters QED Investors and NfX, with the credit facility provided by i80 Group.
“We’re thrilled to announce the successful close of our Series A funding round, which will enable us to continue building and expanding our suite of e-commerce tools,” said CEO Cartechini.
“Our vision has always been to create a comprehensive operating system for eCommerce brands, providing them with the necessary technology to excel in today’s competitive market.”
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Shop Circle is developing in-house AI tools to enhance the scalability of their core operations across all phases. It has also launched a data-driven tech stack consultation program which leverages AI for personalised data-driven insights.
“Since our inception, we have embraced the AI revolution and promptly built several applications to support and automate the majority of our processes, offering a distinct advantage in operating and growing our suite of software. Our goal is to equip eCommerce entrepreneurs with the high-performance tools and expertise they need to scale business effortlessly,” said COO Gramondi.
“With our tech stack review program, we are able to help e-commerce companies unlock their true potential by shedding unneeded tech and costs, enabling long-term success and scale.”
Its leadership team boasts a wealth of experience from some of the most prominent companies in the eCommerce and technology sectors, including Amazon, Shopify and Uber.
“Shop Circle’s vision to build a leading SaaS platform for the second wave of commerce brands aligns perfectly with our investment strategy, which is to back exceptional founders building differentiated businesses in large markets,” added Nnamdi Okike, co-founder and managing partner at 645 Ventures.
“We believe that Shop Circle will be a driving force in shaping the future of e-commerce, and we are proud to support Luca, Gian Maria, and the team in their growth journey.”