French e-commerce software firm Mirakl raises $555m

French e-commerce software start-up Mirakl has raised $555 million at a valuation of $3.5 billion.

The firm, founded in 2011, provides software to B2B and B2C companies that helps them start and manage online marketplaces.

The Series E funding round was led by US technology investment firm Silver Lake, and included participation from long-term investors 83North, Elaia Partners, Felix Capital, and Permira.

The news comes after Mirakl raised $393 million in a Series D funding round in September 2020.

The Paris-based firm claims to work with ABB, Accor, Airbus Helicopters, Carrefour, Express, Leroy Merlin, The Kroger Co. and Toyota Material Handling, and said it recorded 90 per cent growth in year-over-year bookings value during the first half of 2021.

Mirakl said the funding will allow it to invest in its technology, expertise, and partner ecosystem, as well as to grow its teams.

Areas targeted for investment include hiring 350 engineers and growing the Mirakl Labs team to 500 by 2023 with a particular focus on expanding AI, automation, and features that enable dropship expansion.

The start-up also said it intends to expand the size of Mirakl Connect, its ecosystem of sellers, and to continue to expand its geographic reach, with a focus on growing its Paris and Boston headquarters and increasing its footprint across major markets in EMEA, the Americas, and Asia Pacific.

“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,” said Philippe Corrot, chief executive and co-founder of Mirakl. “It was an ambitious vision, and we have taken bold steps to pursue it, always in partnership with our customers.”

He added: “With this investment, Mirakl is better equipped than ever to support customers at every stage of their transformation journeys, with the leading technology, expertise and ecosystem, so they can win in this new challenging commerce landscape.”

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