Paris-based Mirakl, an enterprise marketplace solution that empowers brands and retailers to launch and grow enterprise marketplaces at scale, announced that it has raised $555M (approx €473.39M) in its Series E round of funding.
According to Mirakl, its valuation has more than doubled since its $300M Series D funding round announced on September 22, 2020. Including the current round of funding, the company is now valued at more than $3.5B (approx €2.98B).
Investors in this round
The round was led by US-based Silver Lake, a global technology investment firm with more than $88B in combined assets under management. The firm’s portfolio companies collectively generate more than $221B of revenue annually and employ more than 526,000 people globally.
The Series E round also saw participation from long-term investors 83North, Elaia Partners, Felix Capital, and Permira.
According to McKinsey, the US e-commerce penetration experienced 10 years of growth during the first three months of 2020. A disproportionate share of this growth went to enterprise marketplaces. During the fourth quarter of 2020, marketplaces grew by more than double the overall e-commerce rate.
Mirakl also rode the growth wave, managing a 90 per cent growth in year-over-year bookings value during the first half of 2021.
Mirakl mentioned in a statement that the proceeds from this round will enable the company to reinforce its leadership in enterprise marketplaces, continue to invest in its technology, expertise, and partner ecosystem, as well as grow its workforce to help meet the adoption of the marketplace model.
Areas targeted for investment include:
- Hiring 350 engineers and growing the Mirakl Labs team to 500 by 2023 to extend the end-to-end capabilities, scalability, and security of its platform, Focus will be on expanding AI, automation, and features that enable complementary new business models including dropship expansion
- Doubling the size of its industry-leading customer success organisation with top talent from elite marketplace operators and industry leaders to accompany customers from business case through to fully scaled marketplace
- Rapidly expanding the size of Mirakl Connect, a marketplace-ready seller, enabling any enterprise to accelerate its launch and scale assortment for the benefit of its customers
- Continuing to expand geographic reach, with dual focus on growing its Paris and Boston HQs and increasing its footprint across major markets in EMEA, the Americas, and Asia Pacific
- Evaluating and pursuing business development opportunities, including compelling acquisition opportunities
Adrien Nussenbaum, co-CEO & co-founder of Mirakl, explains, “The world has shifted irreversibly towards e-commerce, and the enterprise marketplace model has clearly emerged as the only solution that will enable businesses to survive in a competitive global sales environment. Mirakl has proven that it offers the most advanced, flexible, and scalable platform for businesses to win against competitors and profit from the growth afforded by the marketplace economy. This investment will enable us to pursue new growth opportunities as we work to bring our enterprise marketplace vision to new customers, regions, and industries.”
A solution to manage the e-commerce marketplace!
Founded in 2011 by Adrien Nussenbaum and Philippe Corrot, Mirakl claims to offer the industry’s first and advanced enterprise marketplace SaaS platform, helping organisations across B2B and B2C sectors launch marketplaces faster, grow bigger, and operate with confidence.
As the Covid-19 pandemic hit, businesses in every sector were hard pressed to keep pace with disruption to supply chains, product shortages, and unpredictable buyer behaviour over the last 18 months. However, Mirakl claims its customers were well-positioned to succeed in this environment, as the scale and flexibility of Mirakl-powered Marketplaces enabled them to quickly expand product assortments and respond to increased demand without the burden of owned inventory.
Philippe Corrot explains, “When we founded Mirakl, it was in the belief that the world was moving toward an era of customer centricity, that would break traditional business models and require leaders to transform to bring their customers greater choice, more services, and the ability to buy whenever they wanted and wherever they wanted. It was an ambitious vision, and we have taken bold steps to pursue it, always in partnership with our customers.”
The company already powers billions in gross merchandise value (GMV) and delivers speed, scale, and agility. It has more than 300 leading brands as its customers, including ABB, Accor, Airbus Helicopters, Carrefour, Express, Leroy Merlin, The Kroger Co., and Toyota Material Handling.