Bloomreach, the leading CEC (commerce experience cloud), is sitting on a $2.2 billion valuation. It comes after an investment of $175 million in its latest round. The funds come after a January-2021 round of $150 million, driven mainly by Goldman Sachs Asset Management, Sixth Street Growth, and Bain Capital Ventures.
The last two years have seen skyrocketing e-commerce growth, especially with customers depending on digital avenues for linking to products they desire and items in the critical category. Bloomreach helps companies personalize customer journeys throughout digital channels, tapping into a fusion of product and customer-based data, enabling them to provide custom experiences in a scalable manner. Businesses end up developing better customer relationships and increasing conversions as a result. They also ensure that each customer can find the most suitable product option.
Global sales in the e-commerce category may reach $7.4 trillion within 2025. Companies are increasingly looking to engage better with their growing digital consumer networks through personalization. The demand for better experiences has driven record growth for Bloomreach as well. The company grew its ARR (annual recurring revenue) by 63% (year-on-year) while adding 100+ brands to its kitty. The Commerce Experience Cloud had sizable growth in its products. This included the Bloomreach Content platform and Discovery features. The Engagement plank came after Exponea’s acquisition.
The Managing Director, Goldman Sachs, Stephen Kerns, is happy to tie up with Bloomreach, linking up with several reputed investors who back a segment-leader in the market. Kerns lauds the company’s stellar performance, calling it an indicator of its innovation and unique approach to this segment while highlighting favorable market movements in the space. He feels that Bloomreach can tap opportunities ahead, with more companies evolving to integrate personalized customer experiences in their arsenals.
Bloomreach is lining up investments for more use-cases of its personalization technologies with the support of its CEC. The funds will help the company expand its teams for scaling up global business development. The CEO & Co-Founder, of Bloomreach, Raj De Datta, feels that the year has been synonymous with transformation for Bloomreach. He adds that the company perceives these funds as sufficient validation of its innovative strategies for enabling consumer experiences, along with the urgent demand for such technologies among businesses. De Datta also opines that Bloomreach has always been a unique thinker in this space, enabling personalization with full data support.