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A Sydney-based software outfit that unifies data across a wide range of e-commerce sales and distribution channels has today announced a successful $15 million Series B capital raise to fuel domestic and global expansion.
Software as a Service (SaaS) company Comestri already works with more than 130 clients across the country - including Lorna Jane, Macpac, RM Williams, City Beach, Michael Hill and Pillow Talk - but through the latest raise led by Moelis Australia's (ASX: MOE) growth capital fund it has bolder ambitions.
Established by co-founders Frank Nesci and Greg Woollett in 2008, Comestri helps simplify the complexity of data needed to drive e-commerce, delivering a better experience for retail customers and increasing stock turnover by optimising 'ship from store' and 'click & collect' processes.
Through the platform retails can manage and enrich multiple sources of product information, and use this information across e-commerce platforms, marketplaces, social media, email marketing platforms, distributed order management systems and drop ship retailers.
The new funds follow a $4 million investment from Investec's Emerging Companies fund in May 2019, and strong growth in 2020 as retailers were forced to pivot online to prosper during the pandemic and beyond.
"This exciting investment and partnership with Moelis will help us take our ecommerce technology to the next level, helping retailers optimise their operations and provide exceptional customer experience in this fast-evolving, digital-first market," says Nesci.
"The retail landscape is changing and Comestri is well positioned to meet and support the growing demands and expectations of retailers and partners, both domestically and internationally.
"The proceeds of this capital raise will also be used to further to expand operations locally and into the UK, Europe, USA and Asia."
Nesci claims Comestri's SaaS platform is a market leader for retailers who are looking to deliver unified commerce to their customers.
"We're now planning to develop strategic relationships with global channel and technology partners, fast track the platform's development, and explore technology acquisitions," he says.
Moelis Australia Asset Management investment director Will Botha says the Moelis fund is excited to be supporting another successful business at the heart of the shift to e-commerce.
"The team at Comestri have demonstrated their ability to provide a mission-critical software platform for eCommerce-enabled retailers," says Botha.
"We were impressed by the growth the team has achieved within Australia, but also with the traction building on the global stage," he says.
The Series B capital raise process was managed by Allunga managing director Matt Rogers, who helped secure the investment with Moelis.
"E-commerce is only going in one direction and a software business that makes it easier to sell through multiple channels and fulfil those sales in a timely manner provides an exciting investment opportunity," adds Botha.
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