TORONTO - GroupBy, a leading provider of relevancy-focused eCommerce solutions, today announced the company has closed its Series B financing. This round of funding from PeakSpan Capital, a premier boutique growth equity firm, is a validation of GroupBy's industry-leading eCommerce solution, strong market position and extensive and growing retailer and brand customer base. GroupBy will use the financing to further develop its product innovation and industry partnerships in key areas, expand the company's reach globally, and meet the increasing demand for GroupBy's solutions in existing and new markets.
GroupBy has a solid track record of solving some of eCommerce's largest challenges around site search, product recommendations, personalization, SEO, SEM and scale – helping leading retailers and brands to create a fundamentally better user experience with proven business results. The company's strong executive, sales, product and engineering teams, accelerated growth in 2017 and in early 2018, and its newly formed partnership with PeakSpan, sets GroupBy up to be the independent market leader in the data-driven eCommerce space. "We are delighted to partner with the GroupBy team and support this business in its first institutional financing. From our very first introduction to the company, we've been impressed with GroupBy's innovation and leadership. This was reflected in the quality of their customers and what those customers had to say about the company, its platform and services," said Phil Dur, Managing Partner and Co-founder, PeakSpan Capital.
"In a technically challenging sector where competing organizations have invested hundreds of millions of dollars and, in many cases, struggled to drive disruptive value, GroupBy has scaled efficiently with impressive growth and a world-class customer base. With what GroupBy has on the horizon, combined with an already exceptional eCommerce offering, we are confident the company will continue to excel in both B2B and B2C markets."
"Looking forward, our plans to scale the business with this new investment are well underway, however, it is important as we grow to not lose sight of what got us here. We are firm believers that the customer always comes first, and internally, our order of priorities are people, product, profits," said Roland Gossage, CEO, GroupBy. "GroupBy bootstrapped the company from day one because we wanted to focus on innovation, quality and customer intimacy unencumbered, and less on a 'growth at all cost' model. While there is quite a bit of capital in the market today, GroupBy was seeking a partner that shared in our values around customers and innovation. I am confident to say we found that in PeakSpan and am extremely excited to have them onboard throughout this journey." PeakSpan Capital PeakSpan Capital is a growth equity firm based in New York City and Silicon Valley, with a focused mission to be the partner of choice for growth stage entrepreneurial teams who are building amazing software targeted at business buyers of all sizes -- from very small businesses to large enterprises. PeakSpan combines deep domain expertise within a select number of themes with a homegrown, proprietary technology platform providing visibility into company and market performance, to help entrepreneurs drive resilient, risk-adjusted value creation.
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