Leading enterprise software company inRiver has raised $10 million in funding led by Verdane Capital VIII for continued expansion on the fast growing Product Information Management market.
inRiver has closed a $10m financing led by Verdane Capital VIII and supported by Industrifonden and Zobito. The funds will be used for product development, marketing support, recruitments and continued growth on the expansive global market for Product Information Management (PIM).
inRiver provides multi-channel commerce professionals with tools to build product content, storytelling and marketing in all channels. Office Depot, BMW, Volvo and Fujifilm are some of inRiver’s customers.
“We are pleased to attract this funding that will enable us to focus on expanding even more rapidly and strengthen our position as global category leader in the field of PIM”, said Roland Persson, Chairman of the Board, inRiver. “An increasing number of companies of all sizes and in all industries are beginning to realize the need for ‘digital transformation’ and the value of product information, and we expect the global market to continue its rapid growth – with inRiver in a leading position.”
“Our full-scale enterprise PIM, now available as Software as a service (SaaS), has been a great success and there is huge demand for our solutions amongst B2B and B2C companies, as well as among consultants operating in the fields of e-commerce, digital marketing and customer experience”, said Niclas Mollin, CEO, inRiver. “This is an area where outdated technology and old-fashioned business models are still very much in use. As a result, we have grown with more than 70 percent a year for the past four years.”
Verdane Capital VIII is a Nordic private equity fund specialized in e-commerce, software, energy and advanced industrial technology. Verdane funds have invested in over 50 software and e-commerce companies and successfully assisted these in growing internationally.
“We see how omni-channel strategies create new demands in managing product information, both in B2C and B2B markets. inRiver’s solutions provide the perfect answer to the challenges that customers face”, comments Pål Malmros, Partner at Verdane Capital Advisors. “inRiver is positioned right at the intersection of omni-channel retail and software, both industries in which we have significant experience. We look forward to helping inRiver realise its ambitious plans over the next few years.”
inRiver is the market leader for simplifying Product Information Management (PIM), enabling multi-channel commerce professionals to visually manage their product information. inRiver is fast to implement and easy to use, radically facilitating the creation, maintenance, and distribution of product information to multiple sales channels in multiple languages.
inRiver was founded in 2007. The company has its headquarters in Sweden and offices across Europe and the US. Since 2014, its North-American operations are run from the Chicago office. The company operates through a global partner network, with more than 350 certified implementation consultants.