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Boston, MA (July 6, 2015) —Salsify, the leading SaaS platform that powers the seamless creation and exchange of unique, rich product content between brand manufacturers and their retail partners for over four million products, today announced $16.6M in Series B funding, bringing Salsify’s total funding to date to $24.6M. The round is led by Venrock, and also includes existing investors, Matrix Partners and North Bridge, as well as Michael Skok. The funding will be used to further product development, invest in corporate growth and drive continued value with its customer base.
With Omni-channel commerce evolving to meet the needs of today’s discerning consumers, it is becoming more crucial than ever for retailers to offer the rich product content consumers demand when shopping online. Using Salsify’s SaaS platform, this detailed product information is easily created and delivered on an accelerated timeline, transforming it into a driver for increased product discoverability, revenues and ultimately, customer loyalty that will translate across all buying channels.
“With a roster of brands such as Newell Rubbermaid, 9 West Holdings and Bosch, as well as retail and technology partners like Walmart and Google, companies in the Salsify network can collaborate much more effectively to remain competitive in today’s e-commerce marketplace, simply by using rich product content to their advantage,” said Jason Purcell, co-founder and CEO of Salsify. “We are thrilled that Venrock, Matrix and North Bridge also see our vision for a digital supply chain, and are enabling us to continue transforming the way retailers and suppliers communicate and collaborate.”
“Having worked with the Salsify team at Endeca, I know they have the capacity to do amazing things and I look forward to working alongside the team to build another great company,” said Mike Tyrrell, partner at Venrock. “Salsify is changing the way retailers and suppliers share key information, dramatically improving data quality and transforming the consumer’s online shopping experience. They are going to have a meaningful impact on the marketplace.”
Based in Boston, Salsify is the leading SaaS platform that powers the seamless creation and exchange of rich product content from brands to retailers. Today, Salsify transforms product content management from an administrative burden into a driver of new revenue and amplified brand value for over four million products from top brand manufacturers. For more information, please visit: http://www.salsify.com and follow us on Twitter @salsify.
Originally established as the venture capital arm of the Rockefeller family in 1969, Venrock continues a tradition of partnering with entrepreneurs to establish successful, enduring companies. With a primary focus on technology and healthcare, portfolio companies have included Adify, Apple Computer, Athenahealth, Centocor, Check Point Software, DoubleClick, Endeca, Gilead Sciences, Idec Pharma, Imperva, Illumina, Intel, Millennium Pharma, SlideShare and Tudou. For more information, please visit Venrock’s website at http://www.venrock.com and follow the firm on Twitter at @venrock.
About Matrix Partners
Matrix Partners backs bold entrepreneurs who have the vision and unstoppable drive to make a difference in the world. We combine our knowledge with a personal approach to help start-ups do more, be better, and achieve greater success. From our beginnings with Apple, Sycamore Networks and Veritas, to recent investments in Oculus VR, Zendesk, Hubspot, JustFab, Namely, Meteor and more, we've earned the trust of each founder we've supported. Find us in Palo Alto, Cambridge, Shanghai, Beijing, and Mumbai, at matrixpartners.com or @MatrixPartners.
About North Bridge
North Bridge actively partners with founders and entrepreneurs of market-leading companies, who are using technology to disrupt and reinvent big markets. With $3.8 billion of capital under management, the firm has funded more than 170 companies creating tens of billions in market value. Recent investments include Acquia, Actifio, Dyn, Demandware, Onshape, Proto Labs, Quora and Starent Networks. The firm has offices in Waltham, MA and Palo Alto, CA. To learn more about North Bridge go to www.northbridge.com and follow the firm @North_Bridge.
About Michael Skok
Michael is a serial entrepreneur and investor with more than three decades of experience. As a VC, he initiated ventures with innovators, as well as seeded and invested in many great entrepreneurs who went on to build billions of dollars of value focusing on large market opportunities such as eCommerce, and Big Data. Michael focuses on game changing technologies such as Machine Learning and disruptive business models such as Open Source and platform shifts such as Cloud computing and Mobile. He is also an active mentor and teacher. He created and facilitates the Startup Secrets course at Harvard iLab. The course teaches practical tools, frameworks and real practical examples that empower entrepreneurs. Some of Michael’s work in this regard can be found online at www.startupsecrets.com. Follow him on Twitter @mjskok.
On behalf of Salsify:
North Bridge Venture Partners
Michael J. Skok, Investor
℅ Lynn Ricci