Symphony Commerce Adds New Funding to Drive Growth and Expand Product Offering
Commerce-as-a-Service Pioneer adds $11 million in new financing to offer brands fulfillment as an independent service to democratize retail logistics in a $500 billion industry
San Francisco – August 25, 2016 – Symphony Commerce, the market leader in Commerce-as-a-Service (CaaS), today announced brands now have the option to use its Fulfillment-as-a-Service (FaaS) capabilities independently of its other commerce services. By offering FaaS on its own, the company is helping enterprise-level brands scale both online and offline fulfillment logistics. To grow this new offering quickly to brands around the world, Symphony is adding $11 million in new financing led by new and existing investors CRV (Charles River Ventures), Blue Cloud Ventures, Bain Capital Ventures and FirstMark Capital, bringing the company’s total funding to $45 million to date.
Since inception, Symphony’s full stack commerce platform has enabled enterprise brands to deliver fully branded online store-to-door experiences to their customers. With the rise of e-commerce, however, consumers’ path to purchase is not only directed through a brand’s website, but also through other channels like Facebook, Jet, Pinterest, and Nordstrom.com. In addition, the modern consumer expects to be able to buy anything, anywhere, through any channel, and get it delivered under two days or less. This provides a unique challenge for brands, where they now must be able to manage inventory and fulfill orders across a wide array of new channels, in a fast and cost effective manner.
Recognizing this emerging need, Symphony created a set of enterprise-level commerce services to help brands grow. The services enables brands to take orders from any channel, to manage order and inventories optimally and to orchestrate fulfillment. Using its order management and fulfillment orchestration services, brands and sellers can deliver fast and predictable shipping across all existing and new consumer channels while improving margins. The company has already fulfilled more than 10M units, saving brands over 30 percent in shipping costs. It also allows sellers to operate efficiently and increase inventory turns with advanced inventory/order management software.
Now, enterprise-level brands have the option of using Symphony’s FaaS platform independently of the company’s full suite of services. This makes it easier for developed brands to continue using their own storefront, and tap into Symphony’s advanced fulfillment orchestration technology to manage inventory, orders, shipping and warehousing. This infrastructure will be made available to brands via a set of API’s and online tools, so they can seamlessly integrate robust fulfillment capabilities into their commerce business. The service comes with simple and transparent pricing with no hidden fees.
“We’ve been running our storefront on Symphony for the past year, and have been blown away by the results,” said Chip Neff, VP Marketing of Neff. “We will now explore Symphony’s fulfillment to deliver fast and affordable shipping, and are really excited to bring great experiences to our customers.”
Founded in 2010 by Harish Abbott and Henry Kim, Symphony Commerce boasts an impressive list of customers, including some of the world’s most well-known brands such as Pepsi, J Brand Jeans, Neff and Krave Jerky.
“We’re thrilled by the demand we’ve seen from enterprise companies over the last year that has led us to expand our FaaS product to operate as its own service,” said Abbott, CEO of Symphony Commerce. “Fulfillment remains an unsolved problem; there is a massive gap between the customer expectations largely set by Amazon and the fulfillment capabilities of everyone else. With Fulfillment-as-a-Service, a brand can meet the growing expectations of customers across all business channels without incurring significant capital expense or building a large team of fulfillment experts.”
CRV is a 46-year-old venture capital firm focused on early-stage technology investments. Over that period they have made over 400 investments, more than 70 of which have gone public including Twitter, and Zendesk. The company’s new financing also includes significant investment from Blue Cloud Ventures, an investor in Tapad, FirstMark Capital, an investor in Shopify, and Bain Capital Ventures, an investor in Jet.com.
“Symphony is doing for commerce what AWS did for cloud computing,” said Devdutt Yellurkar, partner at CRV. “Building and scaling a commerce infrastructure quickly and effectively is a huge pain point for brands and Symphony handles this process seamlessly.”
For more information about Symphony Commerce and to sign-up as a customer, please visit www.symphonycommerce.com.
About Symphony Commerce
Symphony’s ground-breaking platform provides Commerce-as-a-Service - which means best-in-class web store, inventory management, and fulfillment capabilities that are all seamlessly integrated without costly installations. Symphony’s flexible platform automatically scales and expands to accommodate unexpected surges in demand. Symphony’s continuing innovation ensures that our customers remain focused on growth without the distractions of technology constraints. Learn more at www.symphonycommerce.com or visit our blog.
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