Commerce Experience Cloud platform Bloomreach announced a new investment of $175 million this past Wednesday, more than than doubling the company's valuation in one year to $2.2 billion.
The funding, which follows a $150 million investment announced in January 2021, was led by Goldman Sachs Asset Management with participation from existing Bloomreach investors Bain Capital Ventures and Sixth Street Growth.
Bloomreach currently offers a suite of products designed to drive personalization and digital commerce growth, including: Discovery, with AI-driven search and merchandising; Content, a headless CMS; Engagement, a CDP with marketing automation solutions.
Plans to Set Trends in Ecommerce
The past two years have accelerated widespread adoption of ecommerce, with consumers relying on digital channels to connect them to items they both want and need. Bloomreach allows businesses to personalize individual customer journeys across multiple channels using a combination of customer and product data. Ultimately, brands build more meaningful relationships with consumers and drive increased conversions by ensuring the right person finds the right product every time.
Experts predict that global ecommerce sales will reach $7.4 trillion by 2025. As such, companies are eager to engage in a personal and relevant manner with their expanding digital customer base.
The skyrocketing demand for more relevant commerce experiences has fueled momentum for Bloomreach, matching the continued ecommerce growth of its customers. In 2021, Bloomreach achieved 63% new growth year-over-year and added more than 100 new brands.
Its Commerce Experience Cloud also saw substantial product growth, including the launch of the headless content platform, Bloomreach Content, the release of new features within the Discovery pillar and the introduction of the Engagement pillar following the acquisition of Exponea, a customer data and experience platform.
"We're thrilled to partner with the Bloomreach team and join a group of high-caliber investors in supporting a category leader," said Stephen Kerns, managing director at Goldman Sachs Asset Management. "The Company's strong performance is a clear reflection of their innovative approach to the space and accelerating market tailwinds. We see tremendous opportunity ahead for Bloomreach as businesses evolve their commerce experiences for personalization and engagement."
Future Investments in Personalization
Following its latest round of funding, Bloomreach announced it will invest in the development of personalization use cases powered by its Commerce Experience Cloud, showcasing the differentiated power of its combined product suite. In addition, the company plans to continue expanding its go-to-market teams to accelerate global business growth.
"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," said Raj De Datta, CEO and co-founder, Bloomreach.