- Shop Circle raises $120M Series A to create leading software suite for e-commerce brands
Shop Circle's suite of eCommerce solutions offers online brands a one-stop service of cutting-edge technologies
LONDON, Sept. 6, 2023 /PRNewswire/ -- Shop Circle, a one-stop-shop software provider for e-commerce brands, has announced the successful completion of its Series A funding round, raising $120 million. Dollars. The round was led by 645 Ventures and 3VC, with notable participation from previous investors QED Investors and NfX, and the credit facility was facilitated by i80 Group. Financing was obtained through a strategic combination of equity and debt.
Shop Circle reports significant 360% year-on-year growth, driven by the integration and strengthening of its broad set of back-end and customer-facing solutions.
"We are delighted to announce the successful closing of our Series A funding round, which will allow us to continue to build and expand our suite of e-commerce tools," said Luca Cartechini, CEO and Co-Founder of Shop Circle. "Our vision has always been to create a comprehensive operating system for e-commerce brands, providing them with the technology they need to excel in today's competitive marketplace."
Shop Circle is actively developing proprietary AI-based tools and processes to improve the scalability of its core operations at all stages.
In addition to its comprehensive platform, Shop Circle has launched a data-driven technology consulting program. Leveraging AI and hyper-personalized data-driven insights, the company aims to optimize brands' technology stacks, reducing costs and increasing conversions to deliver exceptional customer experiences.
"Since our inception, we have embraced the AI revolution and have rapidly built various applications to support and automate most of our processes, offering a clear advantage in running and growing our software suite. Our goal is to equip e-commerce entrepreneurs with the high-performance tools and expertise they need to scale the business effortlessly," said Gian Maria Gramondi, Co-Founder and COO of Shop Circle. "With our technology stack review program, we can help eCommerce businesses unlock their true potential by eliminating unnecessary technology and cost, enabling long-term success and growth."
The management team includes professionals with experience across Amazon, Shopify, Uber, and leading e-commerce brands.
"Shop Circle's vision to build a leading SaaS platform for second wave commerce brands aligns perfectly with our investment strategy of supporting exceptional founders building differentiated businesses in great markets," said Nnamdi Okike, Co-Founder and managing partner of 645 Ventures. We believe 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 on their growth journey."
"We have complete confidence in Luca, Gian Maria and the entire Shop Circle team, as their dedication to creating an exceptional merchant experience matches what we look for in 3VC entrepreneurs. We are delighted to join them on their journey, looking forward to notable success in its future," added Peter Lasinger, partner and founder of 3VC.
"We are delighted to announce our partnership with Shop Circle, the software suite for e-commerce brands. At i80 Group, we are captivated by the strong growth potential and execution capabilities of the Shop Circle team in the commerce enablement space. e-commerce, in which Shop Circle is playing a leading role. We look forward to supporting Shop Circle in its next phase of growth," said Peter Frank, CEO of i80 Group.
Shop Circle proudly serves over 100,000 e-commerce brands around the world, furthering its commitment to providing merchants with cutting-edge technologies and insights for unprecedented growth.
About Shop Circle
Shop Circle, a leading provider of e-commerce software, is a data and technology-driven company dedicated to revolutionizing the e-commerce industry through its comprehensive suite of cutting-edge technologies. By offering an end-to-end solution to innovative e-commerce brands, Shop Circle enables online merchants to achieve continuous, sustainable growth. With a commitment to innovation, Shop Circle serves more than 100,000 businesses around the world. Shop Circle was founded in 2021 by entrepreneurs Luca Cartechini and Gian Maria Gramondi. For more information about Shop Circle, visit www.shopcircle.co.
About 645 Ventures
645 Ventures is a venture capital firm that partners with exceptional founders to build iconic companies. We invest in the seed and series A phases, using our Voyager platform and network to support growth. Among the most notable companies in the growth phase are Iterable, Goldbelly and Resident, among others. With more than $550 million of invested capital and strong institutional backing, 645 operates from New York and San Francisco. More information at www.645ventures.com.
About 3VC
3VC is a European venture capital group that invests in a carefully selected group of European technology startups with global ambitions. Focused on Series A, 3VC's entrepreneurial team provides tireless support and access to an international co-investment network of venture capital partners. 3VC supports category-defining companies like Assaia, Kaia Health, Lokalise, Picsart, Storyblok, and Tatum. More information at https://three.vc/.
About i80 Group
i80 Group is an investment firm designed to drive the innovation economy by fueling growth. The firm offers tailored financing solutions that are unique to the needs of each investment partner and are designed to help companies move through critical growth milestones. The company has offices in New York, San Francisco and London. For more information, visit www.i80group.com.
Shop Circle Media ContactJonny Sekula, KCPRjonny@kcpr.com 1-415-601-5555
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