Spryker Systems is a commerce technology platform that enables global enterprises to build transactional business models. This 6 years old company of e-commerce technology provider announces recently that it has raised over $130 million in venture capital. This funding will be used for building products which in turn be employed to develop B2B e-commerce sites and online marketplaces for the purpose of thriving the market in the United States. In addition to this, the company also plans to introduce a new third- party technology called “App Store”.
This Berlin-based company is currently providing its services to more than 150 companies involved in B2B and retail e-commerce. The funding raised by the company from the investment firms TCV, One Peak, Project A, and Silicon Valley Bank increases Spryker’s value to $500 million.
Spryker Systems which was co-founded in 2014 by co-CEOs Boris Lokschin and Alexander Graf, provides what is often called a “composable” cloud-based technology environment. It is a “headless” e-commerce technology infrastructure based on extensive use of application programming interfaces, or APIs, which connects the e-commerce engine with a customized set of customer-facing front-end interfaces. This kind of set-up is designed to help companies conduct e-commerce transactions with customers across various numerous online venues such as websites, mobile apps, and internet search ads without having to modify the software code in the back-end eCommerce engine.
Lokschin believes that his company helps manufacturers, distributors, and their businesses to transform into “composable” enterprises with cloud modular commerce technologies to support and power their sophisticated B2B enterprise marketplace or unified commerce initiative.
Both Lokschin and Graf expect that the funding they have raised will help them to grow their international market presence and, in particular, expand in the U.S. It is noted that the U.S. now accounts for 10% of its annual software revenue, which the company didn’t break out.
“Spryker is largely a European-centric brand. But this latest round of investment will make it possible for them to expand name identification in North America and carve out a position in what has become a hypercompetitive North America e-commerce suites market,” says Andy Hoar, CEO of digital commerce consulting firm Paradigm B2B.