Cloud-based e-commerce platform Bloomreach has a new investment of $175 million, raising the company valuation to $2.2 billion.
This comes after the company received a $150 million investment in January 2021. Bloomreach stated that it plans to use the additional funding to invest in more personalization use cases and the expansion of its marketing team for continuous business growth.
“This has been a transformational year for Bloomreach. We view this funding as a validation of our unique commerce experience strategy, as well as a reflection of the e-commerce market’s urgent need for technology that allows businesses to stand out from the crowd, rather than simply stand up a store,” Bloomreach Co-Founder and CEO Raj De Datta said.
“Bloomreach has always thought differently about what data-powered personalization can achieve, and with the capital and resources that Goldman Sachs brings, we can accelerate our relentless pursuit of magical and measurable experiences for people and businesses worldwide,” he added.
De Datta also stated that Bloomreach is ready for IPO in the next five years as it meets the metrics to be a successful public company. “I think it would be natural as we chase this $20 billion opportunity. It’s certainly on the cards… We’ll be watching market forces.” he said.
The e-commerce platform has been helpful in meeting the evolving demands of digital shoppers and helping businesses meet consumer expectations. Bloomreach uses AI to provide a seamless shopping experience across platforms and offer hyper-specific recommendations. The platform does it without slalking consumers online. Future-proofing its own clients, as Firefox, Safari, and soon, even Google are looking to block third-party cookies for the sake of privacy.
Bloomreach caters to around 850 brands such as Torrid and Williams Sonoma with its tools such as personalized email, SMS marketing campaigns, blogs, and SEO recommendations within the categories of engagement, content, and discovery.
Image Source: www.bloomreach.com