The surge in e-commerce following the pandemic pushed many retailers online, but it also led to a fragmentation of their operations, with businesses relying on a multitude of different app providers for everything from supply chain management to inventory and marketing. Recognizing this challenge, the founders of Shop Circle set out to build or acquire various tools to streamline these processes. The company has now raised $60 million in Series B funding, led by Nextalia Ventures, to accelerate its strategy.
With this new funding, Shop Circle has also acquired Aiden, an AI-powered “guided-selling” software used by major e-commerce players like LG, Prenatal, and Intersport, among others.
Shop Circle claims a 110% year-on-year revenue growth, which helped secure this latest round of investment. The company attributes its success to its focus on commerce-centric solutions, powered by the increasing integration of generative AI. It has also been profitable for the past two consecutive years.
“Our primary solutions include AI-driven product discovery, up-selling, review management, inventory management, and more—all unified under one comprehensive Shop Circle platform,” said CEO and co-founder Luca Cartechini.
When asked about competitors, Cartechini noted, “We do have several competitors in each category, but none of them offer all of these products under one platform.”
A significant part of Shop Circle’s success is its deep integration with Shopify. “Shopify is a partner for us, and we’re the largest provider of solutions in the Shopify app store—the App Store of Shopify,” Cartechini explained.
Francesco Canzonieri, CEO of Nextalia Ventures, added in a statement: “Shop Circle stands out in the industry with its innovative approach to delivering a unified B2B software suite.”
Other participants in this funding round included Endeavor Catalyst, along with existing investors such as NFX, QED Investors, 645 Ventures, 3VC, and i80 Group.
This latest funding round follows a $120 million raise in 2023, which was led by 645 Ventures and 3VC.
