Bloomreach, the world’s #1 Commerce Experience Cloud, today announced a new investment of $175 million, more than doubling the Company’s valuation in one year to $2.2 billion. The funding, which follows a $150 million investment announced in January 2021, was led by Goldman Sachs Asset Management (“Goldman Sachs”) with participation from existing Bloomreach investors Bain Capital Ventures and Sixth Street Growth.
The past two years have accelerated widespread adoption of e-commerce, with consumers relying on digital channels to connect them with not only the items they want, but also the ones they critically need. Bloomreach empowers businesses to personalize customer journeys across channels using a unique combination of customer and product data, which allows them to offer digital experiences tailored to each individual customer, at scale. Ultimately, businesses build more meaningful relationships with consumers and drive increased conversions by ensuring the right customer finds the right product, every time.
With worldwide e-commerce sales expected to reach $7.4 trillion by 2025, businesses are eager to engage their expanding market of digital consumers with data-driven personalization. This skyrocketing demand for more relevant commerce experiences has fueled record momentum for Bloomreach, matching the continued e-commerce growth of its customers. In 2021, Bloomreach achieved 63% new annual recurring revenue (ARR) growth year-over-year and added more than 100 new brands. Its Commerce Experience Cloud also saw substantial product growth, including: the launch of its headless content platform, Bloomreach Content; the release of innovative new features within its Discovery pillar; and the introduction of its Engagement pillar following the acquisition of Exponea, a leading Customer Data and Experience Platform.
“We’re thrilled to partner with the Bloomreach team and join a group of high-caliber investors in supporting a category leader,” said Stephen Kerns, managing director at Goldman Sachs Asset Management. “The Company’s strong performance is a clear reflection of their innovative approach to the space and accelerating market tailwinds. We see tremendous opportunity ahead for Bloomreach as businesses evolve their commerce experiences for personalization and engagement.”
Following its latest round of funding, Bloomreach plans to invest in the development of cutting-edge personalization use cases powered by its entire Commerce Experience Cloud, showcasing the differentiated power of its combined product suite. In addition, Bloomreach will use this investment to continue expanding its go-to-market teams in order to accelerate business growth worldwide.
“This has been a transformational year for Bloomreach. We view this funding as a validation of our unique commerce experience strategy, as well as a reflection of the e-commerce market’s urgent need for technology that allows businesses to stand out from the crowd, rather than simply stand up a store,” said Raj De Datta, CEO and co-founder, Bloomreach. “Bloomreach has always thought differently about what data-powered personalization can achieve, and with the capital and resources that Goldman Sachs brings, we can accelerate our relentless pursuit of magical and measurable experiences for people and businesses worldwide.”
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