Headquartered in Leiden, the Netherlands, ChannelEngine is a global online marketplace integration platform. The company just announced that it has closed $50 million in Series B funding. The investment round was led by Atomico (that invested in Perfeggt and Gaia among others) alongside participation from General Catalyst (invested recently in Flashfood) and existing investors Inkef and Airbridge Equity Partners.
The respected serial e-commerce founder Stephan Schambach, founder of Demandware, Intershop and NewStore, also joined this round as an angel investor. With this round, the total investment raised by ChannelEngine is now $57 million.
Besides the investment, Atomico Principal Luca Eisenstecken joined the ChannelEngine board alongside General Catalyst Managing Director Larry Bohn, and Max Rimpel. Also, the company will use the proceeds of this round to further scale its operations and cement its position as a market leader in connecting global e-commerce.
“We’re in the midst of a profound shift in e-commerce as brands are increasingly selling directly to consumers via open online marketplaces such as Amazon, Walmart and Zalando. Already 60% of e-commerce happens this way and the growth rate is phenomenal,” said ChannelEngine CEO and founder Jorrit Steinz. “Our centralized e-commerce integration platform eliminates complexity for brands and retailers, helping them connect with consumers, wherever they are. ”
“The COVID-19 pandemic dramatically accelerated the adoption of e-commerce, which now accounts for 20% of all global retail sales. The global e-commerce market is expected to grow by over $500 billion between 2022 and 2023 alone,” said Atomico Principal Luca Eisenstecken. “By building the largest e-commerce operating platform, ChannelEngine is set to capitalize on this opportunity by giving brands and retailers instant access to the global marketplace.”
“As the use of e-commerce continues to accelerate, retailers and brands have to meet consumers where and how they shop. ChannelEngine has built out a complete, tech-first platform that’s both robust and global. General Catalyst is excited to invest in ChannelEngine as they help leading e-commerce companies sell on marketplaces worldwide,” said Larry Bohn, managing director, General Catalyst.
Powerful e-commerce management suite
As per reports, the e-commerce market is projected to reach $5.9 trillion in 2023. It is fueled by the surge in the number of global marketplaces. In addition to established players such as Amazon and eBay, there are a growing number of brick-and-mortar retailers that are switching towards online marketplaces. Also, the social media apps such as Instagram and TikTok are investing in direct sales functionality. In this era when e-commerce is booming, sellers need to have a centralised platform that will help them manage all these channels and give them a huge opportunity ahead of them.
This is where the Dutch startup ChannelEngine platform comes to play with its powerful management suite that will boost international sales. It was founded by Jorrit Steinz, a serial entrepreneur with over two decades of e-commerce and marketplace experience from his previous ventures. Based in Leiden, ChannelEngine has offices in Munich, Dubai, Singapore, Melbourne and New York.
How does ChannelEngine work?
The ChannelEngine platform has tools such as automated repricing, content, stock and order management to help sellers. Brands and retailers can reach millions of new customers worldwide and benefit from ChannelEngine’s thriving partner network and data-driven enablement, orchestration and automation layer to sell easily on marketplaces worldwide.
ChannelEngine connects brands, wholesalers, and retailers to the global e-commerce marketplace, thereby enabling the sales of more than 6 million products from 8,100 brands on over 200 sales channels. Notably, after its Series A round last year, the Dutch company has more than doubled its revenue by serving over 450 clients, tripled its employees and opened up offices worldwide. Its notable clientele includes Bugaboo, Staples, JBL, Polaroid, Hunkemöller, Brabantia, Reckitt Benckiser, Bosch, JDE, Electrolux, Philips Domestic Appliances, Signify, Diadora, Glanbia, Oneill, and Safavieh.
