Patchworks celebrates landmark year of growth, raising a further £1.5m to "supercharge" expansion

Retail integration platform Patchworks has received a further £1.5m in funding from growth equity specialists Gresham House Ventures to power market growth.

This latest round follows an initial investment of £3.3m in August last year. Patchworks plans to utilise the new funds to continue its expansion into Europe.

The London based ecommerce integration specialist had its most successful year to date, with an estimated £1.5bn worth of orders being processed through their platform - between July 2021 and June 2022. Patchworks saw a 51 per cent increase in clients and doubled its recurring revenue.

Patchworks connects key ecommerce systems, including storefronts such as Shopify and BigCommerce, ERPs, CRMs, and fulfilment solutions, allowing retailers to simplify the integration of their technology stack.

Founded in 2014, it now boasts more than 200 ecommerce customers. Over the past year, Patchworks has partnered with a range of brands looking to create “friction-free customer journeys”, such as ABYL, Gym+Coffee and Trinny London. They join its existing portfolio of brands such as Huel, Gymshark, Lounge Underwear, Castore, Cox & Cox and Simba Sleep.

Jack Humphreys, chief operating officer at Lounge Underwear commented: “We’ve been working with Patchworks for a few years now, utilising both their iPaaS and their new Stockr product. It’s great to see them grow and start to reach their full potential.

“They have supported our growth in the time we’ve been working with them and really helped us get to where we are today, including supporting us to grow 215 percent, and placing 6th in this year’s The Sunday Times Hundred 2022.”

Simon Drane, chairman of Patchworks said: “Patchworks has had a phenomenal year of growth in a fast moving and expanding market.

“A year on from the investment from Gresham House Ventures the business has more than doubled recurring revenues, launched new products, won some amazing new clients, established a strong senior leadership team, and has now secured follow-on investment to fuel faster growth.”

James Pennington, chief financial officer at Patchworks added: “The switch to online has been a real catalyst for our growth. As we head into more challenging financial times, the need to operate more efficiently by optimising existing technology stacks will be more important than ever.”