In a significant development within the digital commerce sector, Symphony Commerce, formerly known as Shopblocks, has announced a successful £2 million funding round. This investment was led by NPIF II – Mercia Equity Finance, managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II), with additional participation from Mercia’s EIS funds, the Greater Manchester Combined Authority (GMCA), and private investors.
Strategic Rebranding to Symphony Commerce
The rebranding from Shopblocks to Symphony Commerce reflects the company’s evolved vision of providing a powerful, flexible, and scalable digital commerce platform. This platform is designed to orchestrate success for businesses worldwide, particularly in the B2B enterprise market. The new identity underscores the company’s commitment to delivering comprehensive solutions that address the complex needs of wholesalers, distributors, and manufacturers.
Enhanced Platform Capabilities
Symphony Commerce’s platform enables businesses to create tailored e-commerce sites, customer portals, and product catalogues. It addresses a gap in the market for a solution capable of managing the scale and intricacies inherent in B2B operations. Key features include handling complex customer pricing strategies, offering tailored discounts, and providing personalised experiences across extensive customer bases. The platform also integrates seamlessly with leading ERP, finance, and marketing software, ensuring a cohesive and efficient user experience.
Impressive Growth and Clientele
Founded in 2015, Symphony Commerce has demonstrated substantial growth, with its platform now utilised by over 2,000 customers, including notable names such as Toshiba, Giacom, Daisy Telecom, and Tower Housewares. The company, headquartered in Stockport with a team of 26 staff, has nearly doubled its annual recurring revenue (ARR) to £1.4 million over the past 18 months. With the recent funding, the company aims to triple this figure within the next three years.
Future Aspirations and Leadership Insights
The infusion of £2 million brings Symphony Commerce’s total funding to £6 million. This capital will be instrumental in expanding the company’s presence in the global B2B enterprise market and enhancing its platform with new features and integrations. Kevin Jones, Founder and Chief Technology Officer at Symphony Commerce, stated, “We’re empowering our clients to outpace their competition with agility and precision, ensuring they remain leaders in their industries. This investment allows us to scale faster, expand our team, and deliver a superior customer experience.”
Robert Hornby of Mercia Ventures added, “Symphony Commerce solves a number of complex challenges for B2B companies that other platforms are unable to deal with. As a result, it is rapidly building its customer base in the B2B sector and has the potential to become a leader in its field. With a new brand and fresh investment, we believe the right foundations are in place to help the business pursue this goal.”
Conclusion
Symphony Commerce’s recent funding and strategic rebranding mark a pivotal moment in its journey to becoming a leader in the digital commerce landscape. With a clear focus on addressing the unique challenges of B2B enterprises, the company is well-positioned to drive innovation and deliver exceptional value to its growing clientele.
