Purple Dot, a London, UK-based provider of an e-commerce pre-order and waitlist platform, raised $10M in Series A funding.
The round was led by OpenOcean, with participation from Commerce Ventures and existing investors Unusual Ventures, Connect Ventures, Moxxie Ventures, and Paul Forster, former CEO and co-founder of Indeed.
The company intends to use the funds to continue building its platform and expand its reach to more brands across various industries, revolutionising the way e-commerce operates.
Led by CEO Madeline Parra, Purple Dot provides a Pre-commerce platform, enabling brands and retailers to sell products before they arrive at the warehouse. By empowering brands to sell early and with confidence, It helps to solve the urgent issue of unsold inventory, benefiting businesses, consumers, and the environment. The system integrates existing eCommerce infrastructure, providing an experience for merchants and their customers. The solution is used by hundreds of brands, including Oh Polly, one of the UK’s fastest-growing private fashion firms, Lando Norris, Goorin Bros, Astrid and Miyu, and Sachin & Babi, processing millions of dollars in transactions each month.
The company has a team of 15 spread across London and Charlotte, NC, USA.
Commenting on the news, Madeline Parra said: “At Purple Dot, we are on a mission to create a world where, ultimately, every product that is manufactured is sold. The current e-commerce model leaves brands waiting for stock to arrive at the warehouse before they can start selling, leading to missed sales opportunities and unsold inventory. We believe the next wave of innovation will happen in the time before stock arrives, enabling brands to sell inventory no matter where it is in the world. Our pre-commerce platform puts the power back in brands’ hands, allowing them to take control of their sales timelines and maximise revenue potential. We’re thrilled to have our investors’ support as we continue to grow and empower brands to transform their e-commerce strategies.“
FinSMEs
14/05/2024