Mirakl, the French cloud-based e-commerce software company headquartered in Paris, France which provides online marketplace software to retailers, manufacturers, and wholesalers has raised $300 million in a funding round led by private equity firms Permira. This funding has raised the value of the e-commerce startup at $1.5 billion.
Philippe Corrot and Adrien Nussenbaum created Mirakl in 2011. The round makes Mirakl, which also has offices in Boston, a newly minted unicorn with a valuation of more than $1 billion.
The company makes software that helps build marketplaces and online stores for customers including Hewlett Packard Enterprise Co., Kroger Co., and Siemens AG, its website showed.
Companies that power e-commerce have been boosted by the Covid-19 pandemic as consumers’ thrust focused on safe distancing and shopping patterns changed globally. Major e-commerce platforms such as Shopify Inc, have seen the share price jumping more than 100 percent since March.
Nussenbaum said that the company partners with Shopify and Adobe Inc’s Magento Commerce on connecting their platforms to third-party sellers. Mirakl would use the investment to hire 300 engineers over the next three years.
Permira was an investor in Magento Commerce before it sold to Adobe for $1.68 billion in 2018. The funding was acknowledged by non-other than the French President Emmanuel Macron, who appreciated it with a tweet as the biggest ever for a French startup.
Permira Partner Alexandre Margoline said in a statement that Mirakl can become the “central hub and platform for digital marketplace operators, sellers, and partners.”
Permira is investing through its growth opportunities fund that makes minority investments in growth-stage companies. Bruce Chizen, a former CEO of Adobe and current director at Oracle Corp. will be an adviser to Mirakl’s board.
He said in an interview that Mirakl being headquartered in France is an advantage for hiring compared to Silicon Valley.”It’s less competitive in terms of recruiting great talent,” said Chizen, who is also a growth partner at Permira.
Other investors in the round include 83 North, Bain Capital Ventures, Eliana Partners, and Felix Capital. bringing total capital raised by the company to $400 million, as per a released statement.
Mirakl supports over 250 customers in over 40 countries including, Carrefour, Conrad, Toyota Material Handling, AStore by Accor, and Kroger to name a few.