- Mirakl just raised a $555 million Series E led by Silver Lake.
- The startup builds tech tools that help retailers build third-party marketplaces.
- The funding round, valuing Mirakl at $3.5 billion, came a year after its $300 million Series D.
The e-commerce explosion during the COVID-19 pandemic has resulted in retailers big and small rethinking their online strategies.
For many, that has meant investing in online marketplaces where they can sell products and services from third parties alongside their own inventory, broadening their assortment and bringing in more potential customers.
On September 21, Mirakl announced it had raised a $555 million Series E funding round led by Silver Lake, with contributions from its existing investors 83North, Elaia Partners, Felix Capital, and Permira. The latest round, which came almost exactly a year after Mirakl announced a $300 million Series D, valued the company at more than $3.5 billion.
Mirakl was founded in 2012, and its clients include Accor, Kroger, Madewell, and Airbus Helicopters. CEO and cofounder Adrien Nussenbaum told Insider the company finished the first half of 2021 with a 90% year-over-year increase in the value of new signed contracts. The dynamics created by the pandemic have worked in Mirakl’s favor, he said.
“When you think of what it takes to win in this new economy, it takes solving the challenges of these new realities,” he said, adding that modern retailers have to ensure they always have their products in stock and priced right.
Because they expose customers to many products at once and don’t require retailers to hold inventory, marketplaces “are the only economically viable way and scalable way to respond to this new reality,” Nussenbaum said.
Mirakl plans to use the new funding to hire more engineers, improve its product, and expand into new geographical markets. It also plans to build out its own ecosystem. A year ago, it launched Mirakl Connect, a platform where brands, sellers, and marketplaces can promote their businesses or discuss partnership opportunities.
The idea, Nussenbaum said, is to make Mirakl not just “a platform that allows you to create marketplaces” but “an ecosystem or a network ourselves.”
Check out the pitch deck that Mirakl used to raise its latest $555 million funding round.