Swedish tech startup inRiver raises $32M in funding to help businesses sell more products online via better product information
inRiver, a Malmo, Sweden-based tech startup that helps businesses sell more products online via better product information, today announced that they have closed $32 million in funding to support the rapid growth planned to meet accelerated customer demand, continued product development, and further its global expansion. The round was led by Lugard Road Capital, with participation from existing investors Verdane, Industrifonden, Zobito, and RoosGruppen.
Founded in 2017 by Johan Billgren and Johan Boström, inRiver helps e-commerce professionals tell better product stories to increase sales, customer satisfaction, and lifetime value. By providing product information management (PIM) products and services that help create, update, refresh, maintain and distribute content about products globally, inRiver helps businesses to drive increased revenue, customer satisfaction, and brand equity. inRiver is used by more than 1000 global brands and 400 customers across 19 countries.
“The growth in digital commerce, complexity of data, and the increasing importance of the technology ecosystem has been unprecedented this year,” said Thomas Zanzinger, CEO, inRiver. “Buyers now expect consistent and engaging customer experiences across channels, this means product information has to be exceptional to drive revenue. Global teams cannot waste time or money on manual processes, inaccurate data, or the inability to scale. inRiver’s latest funding means we can help even more businesses to solve those challenges.”
“Global teams cannot waste time or money on manual processes, inaccurate data, or the inability to scale.”
As more organizations expand and enhance their digital commerce offerings, the need to scale quickly and easily increases. inRiver’s product information management solution integrates smoothly with other technologies in the ecosystem to offer the most extensive and scalable multitenant SaaS solution in the market today.
The funds raised will also be used to drive accelerated product leadership and extend the offering. The funding will support accelerated expansions in North America, the highest growth market, and will help open new growth markets across Europe. It will also help inRiver continue to build key partnerships and alliances to meet evolving customer demands.
“We are excited to partner with inRiver on this funding round to drive growth,” stated Jonathan Green, Partner, Lugard Road Capital. “Digital commerce is a high-growth market and this will only strengthen inRiver’s leadership position.”