Singapore – Marketplace integration and operating platform ChannelEngine has raised US$50m in funding, which will be used by the platform to bolster its e-commerce and marketplace management suite in Southeast Asia. They first opened their office in Singapore in 2021 and subsequently opened in the Philippines in the latter part of the year. In addition, the funding will boost a large number of new e-commerce and tech jobs in both offices.
The funding is led by Atomico, with participation from General Catalyst, and existing backers Inkef and Airbridge Equity Partners. In addition, notable serial e-commerce founder Stephan Schambach – founder of Demandware, Intershop and NewStore – also joined this round as an angel investor.
In total, this raise brings the company’s total investment to US$57m, with Atomico Principal Luca Eisenstecken joining the ChannelEngine board, alongside General Catalyst Managing Director and BigCommerce investor Larry Bohn and Max Rimpel.
Jorrit Steinz, CEO and founder at ChannelEngine, said, “Over 60% of e-commerce sales globally are already taking place on marketplaces, with this figure estimated to grow to over 75% in the coming years, representing a total revenue of US$4.4t in 2023. Brands, wholesalers, and retailers are looking to capture the e-commerce opportunity by delivering a seamless experience demanded by the modern customer. By acting as the e-commerce control centre, we enable brands, retailers and wholesalers to sell on marketplaces globally.”
ChannelEngine is an e-commerce operating platform that connects the systems of brands, wholesalers and retailers to these global marketplaces providing a powerful management suite to boost their international sales with tools such as automated repricing, content, stock and order management.
Steinz also added that their customers are easily able to create, enrich, organise and manage their product listings and content as well as their e-commerce operations on marketplaces worldwide.
“Brands have gone from being online in one store – theirs or one big marketplace where the rules are made by others – to being everywhere their customers are, and being everywhere means you need control to offer consistent brand experience, e-commerce operations and availability. One of the biggest marketing challenges most brands and retailers face, as e-commerce business owners, when it comes to selling on marketplaces, is keeping their branding and messaging consistent across different channels,” he concluded.
