Bloomreach Gets Its Horn Following $175M Raise Led by Goldman Sachs
It’s no secret that the past two years have rapidly accelerated the adoption of e-commerce. Consumers are flocking to digital retailers to find everything from new furniture to fresh produce.
This trend isn’t unique to the United States. Worldwide, e-commerce sales are expected to reach $7.4 trillion by 2025, according to eMarketer. With all that new business, enterprises are sure to continue seeking out digital solutions that can help them get ahead. One such solution could be Bloomreach.
The Mountain View-based company is on a mission to drive increased conversions for e-commerce businesses. Now, Bloomreach is receiving a fresh investment to move that mission forward as it continues to scale.
The company announced Wednesday that it raised $175 million in fresh financing. The massive raise, led by Goldman Sachs, sent Bloomreach’s valuation soaring to $2.2 billion.
Last year was a busy one for the newly-minted unicorn. In addition to bagging $150 million of fresh financing in January, Bloomreach achieved 63 percent annual recurring revenue growth, according to the company. Not only that, but the company added more than 100 new brands to its client roster.
Bloomreach’s cloud-based software brings customer and product data together to personalize every sale-related touch point throughout the purchase process.
For Bloomreach CEO Raj De Datta, the latest raise serves as validation for the company’s commerce experience strategy. It also stands “as a reflection of the e-commerce market’s urgent need for technology that allows businesses to stand out from the crowd, rather than simply stand up a store,” De Datta continued.
The company’s product suite can be divided into three categories: discovery, content and engagement. The discovery tool provides businesses with AI-driven search and merchandising capabilities. The content tool offers up a back-end-only content management system. And last, engagement consists of an array of marketing automation solutions.
Following the latest raise, Bloomreach plans to expand its go-to-market teams worldwide. The company is now hiring for over 40 open tech positions in the U.S. Available roles span the company’s engineering, sales and marketing teams, to name a few. Nearly all of those up for grabs are available for work remote.
Bloomreach has raised $422 million in venture capital financing to date, according to Crunchbase. Additional investors Bain Capital Ventures and Sixth Street Growth participated in the latest raise.