(Bloomberg) -- Bloomreach said it has raised $175 million in a funding round led by Goldman Sachs Asset Management, giving the e-commerce software business a $2.2 billion valuation.
The financing included participation from existing investors Bain Capital Ventures and Sixth Street Partners. The company’s valuation is more than double the $900 million it was valued at in January 2021, according to data provider PitchBook.
Bloomreach offers tools for business customers for content, marketing automation and merchandising. It counts more than 850 brands as clients, including Albertsons, Bosch and Puma.
Like the broader e-commerce category, Bloomreach says it has seen its business accelerate during the coronavirus pandemic.
Co-founder and Chief Executive Officer Raj De Datta said the market opportunity for e-commerce is large enough to still see significant growth, even though the industry faces a “complicated landscape.”
Capital from the funding round will be used, in part, for international expansion, particularly in Europe, De Datta said in an interview. The company will also add more personalization to its products, he said.
Without committing to a timeline, De Datta said the company has reached a scale where it could go public. “We could be public as early as next year if we wanted to be,” he said.
While there are many e-commerce related businesses, Stephen Kerns, a managing director at Goldman Sachs Asset Management, said his firm invested in Bloomreach because of the company’s approach.
Kerns said the Bloomreach platform combines content, discovery and engagement “in a native way that simplifies and better optimizes commerce performance for its customers, which is distinct from its legacy technology and modern point solution competitors.”
©2022 Bloomberg L.P.