Enterprise software producer Sage has agreed to invest £17m to lead a £25m ($33.5m) series C round for UK-based business management software provider Brightpearl.
Existing investors including Cipio Partners, Notion Capital and Verdane provided the remaining £8m, and Sage will take a seat on the company’s board of directors in connection with its investment.
Founded in 2007, Brightpearl provides software that helps retail and wholesale customers manage back-office operations in areas such as financial, inventory, supplier and customer relationship management in addition to logistics and warehousing activities.
Brightpearl CEO Derek O’Carroll said: “This investment will allow us to expand the platform and provide even better service, increase our product innovation and our fabulous team globally.”
The company secured $15m in a 2018 round led by Cipio Partners and backed by MMC Ventures and Notion Capital, both of which had joined Eden Ventures, Valley Bank and Columbia Lake Partners in an $11m round in 2016 that took Brightpearl’s total funding to $30.5m.
MMC Ventures led a $10m round for Brightpearl in 2014 that included Quayle Munro, Eden Ventures and Notion Capital, following $8m from Eden Ventures and Notion Capital in 2012. The same two investors had provided $1.5m of seed funding in 2010.