Productsup Announces Closing of $20 Million in Funding Led By Nordwind Capital and Deutsche Handelsbank
This investment brings Productsup’s total investment to $45 million and will propel its product development and international expansion
Productsup, the leading ecommerce data integration company, today announced it raised $20 million in funding led by Nordwind Capital and venture debt provider Deutsche Handelsbank. The company will use the investment to drive innovation in product development, scale marketing and sales initiatives and expand its ecommerce data integration solutions to new markets across the world, particularly in North America.
“When we founded Productsup about 10 years ago, it was clear that the future of retail would be ecommerce. This fueled creativity and innovation for the industry, but also created obstacles for brands and retailers,” said Johannis Hatt, CEO and co-founder of Productsup. “At Productsup, we help brands and retailers remove the barriers that stifle success in today’s digital landscape, enabling them to easily blend online and offline experiences to drive sales. I’m excited to see how this new capital will further our mission and bring a new era for Productsup employees, partners and customers.”
This investment brings Productsup’s total funding-to-date to $45 million. In addition to Deutsche Handelsbank who provided a venture debt together with German bank KfW and early investor Nordwind Capital, other co-investors in this round include Moritz Zimmermann, co-founder of Hybris and partner at 42Cap, and the co-founders of Contorion, Richard Schwenke and Tobias Tschötsch.
“We are pleased that we have been able to expand the business relationship with Productsup despite strong competition with other international venture debt providers,” said Peer Simon, Head of Growth Finance and Venture Debt, Deutsche Handelsbank. “Productsup, as a fast growing SaaS company with strong investors, is the perfect match to DHB´s strategy and sought after target group. This joint transaction with KfW is the proof for our lean and founder-friendly venture debt offer.“
As the ecommerce market grows and more online selling channels emerge, such as Pinterest Shopping and Facebook Shops, managing product data to meet customer expectations is becoming increasingly difficult. And despite the challenging year brick-and-mortar businesses saw, the National Retail Federation reports that for each physical store closure, more than five new stores are opening. With multichannel commerce becoming more complex, brands and retailers need innovative tools to streamline feed management and optimize their product data.
Productsup empowers more than 500 brands, retailers and marketplaces, including Farfetch, Hewlett-Packard, IKEA and a few Fortune 20 companies, to reach more customers and maximize sales across more than 2,500 channels. The company’s Commerce Marketing Platform provides complete visibility of product data and enables businesses to make updates to their product feeds in real-time. Users do not have to rely on managed services to integrate product feeds or meet channel requirements because by leveraging Productsup’s visual self-service platform, they can successfully aggregate, optimize, and distribute product data across all relevant channels.
This funding round comes on the heels of significant growth for Productsup. In 2020, the company reached profitability, built new partnerships, celebrated successful customer outcomes, and grew revenue. It was recognized by Gartner in its June 2020 Cool Vendors in Digital Commerce report, named a finalist in the 2020 Digiday Technology Awards for Best E-Commerce Technology, and launched ‘Productsup Academy’ to offer online training and certifications in feed management and syndication. Productsup has also expanded its team to 160 associates, having most recently appointed several new members to its leadership team, such as Thomas Kasemir as Chief Product Officer, Stefan Sonntag as SVP of Solution Architects and Lisette Huyskamp as SVP of Marketing.