Leeds, UK-based Bidnamic, a machine learning platform that helps retailers unlock the full potential of Google Shopping, announced on Wednesday that it has raised £4M (approximately €4.70M) in its Series A round of funding.
The round was led by UK’s growth equity investor Gresham House Ventures.
Investors supporting this round
Gresham House Ventures invests in software and digitally-driven businesses in the consumer, healthcare and service sectors.
Henry Alty, Investment Director at Gresham House Ventures, says, “Bidnamic initially appeared on our radar after we saw first-hand the breakout growth the tech provided to retailers in our network. The company’s professional team, well-honed sales and marketing approach, capital-efficient approach to growth, and the product’s proven ROI which helps deal with rising acquisition costs for online retailers all mean it is extremely well-positioned to accelerate its already stellar growth.”
The round also saw participation from existing angel investors, including some of the biggest names in ecommerce and technology such as Marin Mayer, co-founder of Booking.com; Chris Forrest, board advisor to Net-A-Porter; and Luke Judge, former CEO of performance marketing agency Incubeta.
Maximise revenue and profitability from Google Shopping
Bidnamic was born in 2018 when its co-founders Liam Patterson and Dr Ingvar Kraatz were running Dzinga, a print-on-demand ecommerce marketplace. The store had grown to over 40 million differentiated products (SKUs) and was unmanageable for them to run as manual campaigns on the Google Shopping ad platform. So they built a machine learning engine to automate it for them, and Bidnamic was founded.
Bidnamic combines advanced machine learning (ML) with human expertise to drive revenue and profits from Google Shopping adverts. The company says it works with ecommerce companies to maximise the potential of every product even if they have hundreds or hundreds of thousands of SKUs, which is beyond what humans can manage manually.
Using advanced ML algorithms, the company’s platform predicts the right price to pay for each Google Shopping click, 24/7. This helps businesses to drive profitable revenues from search marketing. Bidnamic launched its services in the US in 2021 and currently serves a customer base of iconic brands such as Volcom and Herschel Supply Co, as well as fashion marketplace Garmentory.
Capital utilisation
Bidnamic says that the proceeds from this round will help accelerate the already rapid growth the company has achieved by fuelling R&D projects. The company will also further invest in expansion into the US market.
Co-founder and CEO, Liam Patterson, says, “Gresham House Ventures are a natural partner as the team bring a wealth of experience scaling B2B SaaS, specifically ecommerce integration platform Patchworks, shipping optimisation software provider Scurri, and online deals personalisation platform RevLifter.”
“Further alignment comes as the Gresham House Ventures team also have experience with ecommerce investments including fashion marketplace SilkFred, used photographic equipment marketplace MPB and Crew Clothing. This means the team intuitively understands the pressures retailers face,” adds Patterson.
