Spanish tech firm Sales Layer is targeting growth in the UK and US markets after raising $25 million in Series B funding.
The Valencia-based company has built a product information management SaaS platform for B2B businesses.
Álvaro Verdoy, founder & CEO, told BusinessCloud that despite having customers in more than 40 countries, the UK is one of its core markets as it represents 20% of its global sales.
The funding was led by PeakSpan Capital with participation from its Series A investors Swanlaab and Bright Pixel. It will accelerate Sales Layer’s rapid global growth, hiring across all functions while continuing the expansion of international operations.
“We currently have teams working cross-functionally and collaboratively across the Spanish, UK and US markets,” said Verdoy.
“The new funding will allow us to build a much bigger presence in the UK and US, both in terms of reaching new markets and growing the team.”
He added: “We opened our subsidiary only one year ago and we have already created around 10 jobs in the UK.
“We have targets of growing at a pace of over 150% year over year, and the target is quite similar and linear in terms of revenues and employees.
“It’s definitely the most sophisticated digital economy in Europe. For us the UK means raising the bar in terms of customer needs, competitors and therefore excellence in execution.
“As a company, succeeding in the UK proves that you can succeed in almost every Western market.”
The company has enjoyed 100% growth year-on-year since 2017.
Verdoy said PeakSpan Capital was “the strongest VC candidate” as “its team had a very elaborate thesis around eCommerce, supply chain and digital transformation, where PIM plays a very important role”.
Jack Freeman, partner at PeakSpan, added: “We’ve been tracking the PIM space for several years and know the industry is poised for substantial growth in light of growing product complexity, an explosion of new channels and the continued rise in eCommerce volume.
“We identified Sales Layer last year as an emerging player with a clear focus and opportunity to win the B2B PIM space and have since witnessed the business innovate and scale rapidly on a global basis.
“We’re excited for the future with Sales Layer and see ample opportunities to scale the team, product and customer base further.”