Systum, a US-based cloud business software provider backed by media group Hearst, has secured $10.7m in a funding round led by venture capital firm Octopus Ventures.
Founded in 2015, Systum has built what it calls an operating system for small and medium-sized businesses, centralising all their customer data in a single place where they can manage inventory, operations and all their customer-facing activity.
The capital will go to sales and marketing as the company looks to add new functionality to its platform. VC firm Underscore VC led its $7.5m series A round in June 2018, investing together with Hearst Ventures, a corporate venturing subsidiary of Hearst.
Dean Mansfield, chief executive of Systum, said: “When you ask business owners in the wholesale distribution sector how many software applications they use to run their operations, the answer is normally between five and 10 separate applications.
“We have been able to crack the code and consolidate all of those functions into one single application that works seamlessly with accounting software packages like QuickBooks and Xero.”
