Marketplace Platform Provider Mirakl Raises $555 Million In Funding

Mirakl, the provider of an enterprise marketplace SaaS platform, has raised $555 million in a Series E funding round led by Silver Lake, with participation from long-term investors 83North, Elaia Partners, Felix Capital, and Permira. The new funding increases the company’s valuation to more than $3.5 billion.

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Mirakl’s valuation has more than doubled since its $300 million Series D funding round announced last September and led by Permira’s growth fund. The company is poised to accelerate its rapid growth through the continued adoption of its enterprise marketplace platform.

Large enterprises across all industries continue to transform their businesses and rapidly digitize in response to the growing pressures of rising customer demand, decreased margins and competition from digital giants and digital natives alike. The result has been a sharp acceleration in platform and eCommerce adoption. According to McKinsey, U.S. eCommerce penetration experienced 10 years of growth during the first three months of 2020.

A disproportionate share of this growth went to enterprise marketplaces: during the fourth quarter of 2020, marketplaces grew by more than double the overall eCommerce rate. This growth has proven resilient, as Mirakl recorded 90% growth in year-over-year bookings value during the first half of 2021.

Investing In Partner Ecosystem

This funding will enable Mirakl to reinforce its position in enterprise marketplaces, continue to significantly invest in its partner ecosystem, technology, and expertise, and grow its teams to help meet the accelerating adoption of the marketplace model.

Areas targeted for investment include:

• Rapidly expanding the size of Mirakl Connect, the ecosystem of high-quality, marketplace-ready sellers, enabling enterprises to accelerate its launch and more quickly scale assortment for the benefit of its customers;
• Hiring 350 engineers, growing the Mirakl Labs team to 500, by 2023 in order to extend the end-to-end capabilities, scalability and security of its core Mirakl Marketplace Platform technology, with a particular focus on expanding AI, automation, and features that enable complementary new business models including dropship expansion; and
• Doubling the size of its customer success organization with top talent from elite marketplace operators and industry leaders to accompany customers from business case through to fully scaled marketplace.

As the world has shifted towards eCommerce, the enterprise marketplace model has emerged as a solution that will enable businesses to compete in a competitive global sales environment, the company said in a press release. “This investment will enable us to pursue new growth opportunities as we work to bring our enterprise marketplace vision to new customers, regions, and industries,” said Adrien Nussenbaum, co-CEO and co-founder of Mirakl.