Mirakl commits to UK investment

Mirakl is set to invest at least £23.5 million in the UK market over the next two years, as part of growth acceleration plans for Northern Europe.

The Paris-based e-commerce marketplace announced earlier this month that it had raised $300 million, led by Permira, with participation from long term investors 83North, Bain Capital Ventures, Elaia Partners and Felix Capital.

The new investment brings total capital raised to $400 million, with a valuation of $1.5 billion. The money will be used - among other things - to create 40 new jobs in the UK, increasing operations.

“Demand for marketplaces is booming in the UK, however despite clear consumer appetite, many businesses have yet to adopt a platform model,” stated Brendan Walsh, general manager at Mirakl.

“With our expansion, we will make it easier than ever for British companies to launch and grow an enterprise marketplace at scale, capitalise on the platform opportunity and gain a competitive edge in today’s digital economy.”

The software-as-a-service platform already counts 11 of the top 40 North American retailers as clients, and is growing its market share within the business-to-business space.

A statement explained that despite the COVID slowdown, during the first half of 2020, Mirakl onboarded 25 new customers and launched 18 new marketplaces.

Globally, the new investment will enable the hiring of more than 300 engineers in the next three years, focusing on expanding the use of artificial intelligence and automation to provide faster time to market, greater operational efficiency and robust security for operators and sellers.

The company also plans to extend its platform further through the creation of Application Programming Interfaces (APIs) and pre-built connectors to marketplace ecosystem technology partners.

Mirakl’s solution is used by more than 300 companies globally, including Best Buy Canada, Carrefour, Kroger, Tetra Pak and Toyota Material Handling.

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