Shop Circle Raises $120 Million to Develop eCommerce Tools

Shop Circle has secured $120 million in Series A funding to further develop its suite of eCommerce tools.

The firm also aims to solidify its position as a one-stop shop for software for eCommerce merchants, Shop Circle said in a Thursday (Sept. 7) blog post.

“Our vision has always been to create a comprehensive operating system for eCommerce brands, providing them with the necessary technology to excel in today’s competitive market,” Luca Cartechini, the CEO and co-founder of Shop Circle, said in the post.

Since its launch in June 2022, Shop Circle has built a customer base of over 100,000 eCommerce brands worldwide and achieved 360% year-over-year growth, according to the press release.

In addition to its comprehensive platform, Shop Circle is developing proprietary artificial intelligence (AI)-driven tools and processes to enhance the scalability of its core operations, the blog post said.

The company has also launched a data-driven tech stack consultation program that leverages AI and personalized data-driven insights to optimize brands’ tech stacks. This program aims to reduce costs and increase conversions, ultimately delivering exceptional customer experiences.

Gian Maria Gramondi, co-founder and COO of Shop Circle, said in the release: “With our tech stack review program, we are able to help eCommerce companies unlock their true potential by shedding unneeded tech and costs, enabling long-term success and scale.”

Shop Circle’s leadership team consists of experienced professionals from prominent companies in the eCommerce and technology sectors, including Amazon, Shopify and Uber, according to the blog post.

The company’s funding round was led by 645 Ventures and 3VC, with participation from QED Investors and NfX, the company said. Additionally, a credit facility was provided by i80 Group.

“Shop Circle’s vision to build a leading SaaS platform for the second wave of commerce brands aligns perfectly with our investment strategy, which is to back exceptional founders building differentiated businesses in large markets,” Nnamdi Okike, co-founder and managing partner at 645 Ventures, said.

PYMNTS Intelligence has found that eCommerce is back on a strong growth trajectory, and retailers need to be ready for it.

Thirty-two percent of consumers said they are highly likely to increase their online grocery purchases in the next year, and 30% said the same of their non-grocery online spend, according to “Tracking the Digital Payments Takeover: Catching the Coming eCommerce Wave,” a PYMNTS and Amazon Web Services collaboration.