Inventory management solution continues to empower commerce among SMB.
Stitch Labs, the Cloud-based, real-time inventory and business management solution, today announced that it has closed $3.5 million in Series A financing to further accelerate the company's drive to democratize commerce for small and medium sized businesses. The investment was led by Greg Sands from Costanoa Ventures, with support from True Ventures and Greg Waldorf. This is Stitch Labs' second round of funding with the previous closing of $1 million in February 2012.
Online sales are predicted to surge 45 percent to $327 billion in the U.S. in 2016 from $226 billion in 2011, according to Forrester Research Inc. While online sales are experiencing explosive growth, they still account for less than 10 percent of overall commerce.
"Retailers are increasingly selling both online and offline, and they need powerful tools to help them manage both, simultaneously. Stitch Labs aims to do just that," said Brandon Levey, CEO Stitch Labs. "We believe our holistic approach to commerce will not only empower our customers to manage and grow their businesses, but also dramatically improve how consumers all over the world buy physical goods. This funding will enable us to continue that vision and build on our rapid growth."
Stitch Labs has grown tenfold in 2013 and is currently processing more than one million orders per month. Having increased revenue by more than 1,000 percent this year, Stitch Labs continues to expand its presence in the commerce community. It will heavily invest in product development to meet the rapidly evolving needs of SMB merchants, providing a robust and intelligent back-office management solution. As the product continues to grow, a primary focus will be around architecting a system that empowers more efficient product selling and buying.
"Stitch is my favorite kind of company," said Greg Sands, Costanoa Ventures. "It's a great product that customers love and from which they are getting a ton of value, great partnerships with companies like Shopify and BigCommerce, and a team that 'lives in the product' because they built it for a problem they themselves faced and which has deep customer empathy. We are tremendously excited to partner with Stitch Labs to help Brandon and the team build a company that uses data and analytics to improve business performance for multi-channel merchants."