Integration platform Patchworks has received a further £4 million in funding from growth equity specialists Gresham House Ventures to accelerate product development and innovation. This latest round follows investments totalling £4.8 million over the past two years, bringing the total investment to £8.8 million since its first round in August 2021.
Patchworks is investing the funding to further enhance its low code / no code self-serve integration platform, completion of its microservice, api-first, cloud native roadmap and further improvements within the professional services and support teams. These changes will consolidate Patchworks as the best choice for integrating eCommerce platforms such as Adobe Commerce, BigCommerce, commercetools, Shopify or WooCommerce with platforms like Oracle NetSuite, Linnworks, Sage Brightpearl, Microsoft Dynamics 365, PeopleVox, and Lightspeed to name a few.
Since 2014, Patchworks has helped dozens of innovative brands create friction-free customer journeys, from athleisure brands such as AYBL and Gym+Coffee, to iconic beauty brands like Trinny London. It now boasts a portfolio of over 200 dynamic eCommerce customers, including major names such as Huel, Gymshark, Lounge Underwear, Castore, Cox & Cox and Simba Sleep.
With its powerful platform capable of bulk processing, Patchworks has enabled many of its clients to scale rapidly since bringing the integration provider on board. In 2022, Patchworks’ clients processed over 300 million transactions which is an estimated £2 billion worth of orders.
Patchworks also supports retailers during the busiest periods, during Black Friday/Cyber Monday 2022, Patchworks processed over 1.7 million orders, with the total orders rising by 31 per cent compared to November 2021. Transactions, when any entity is pulled through, from refunds to stock levels, also increased by 8.6 per cent to 24.2 million.
Simon Drane, Chairman of Patchworks said: “Patchworks has had an amazing journey over the past two years. The investment from Gresham House Ventures has enabled the business to more than double recurring revenues, launch new products and win some amazing new clients. We now have a clear vision as a board on areas that we need to focus on, and this new round of funding will enable us to deliver on those areas under the leadership of our excellent new CEO Jim Herbert.”
Grant Paul-Florence, Director of Investment at Gresham House Ventures, said: “Gresham House Ventures’ previous investment in Patchworks has played a significant role in supporting its recent growth and we are confident that the business can continue to go from strength to strength over the coming years as it grows its market share. This latest investment will enable Patchworks to strengthen its product offering further and cement its position as a go-to provider for eCommerce businesses looking to achieve scale and seamlessly integrate their backend systems.”
Jim Herbert, Chief Executive Officer at Patchworks, said: “Gresham House Ventures has been a fantastic partner to Patchworks to date, and this additional funding ensures that current and future customers will have the world’s best integration platform at the heart of their commerce stack. With new offerings such as Patchworks BI and Stockr, and continued improvements to the dashboard, based on user and agency experience, merchants have the tools they need to improve profitability in this economy”.
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