All posts in “mirakl”

Mirakl Connect lets sellers list products on multiple e-commerce marketplaces

Mirakl is launching a new product called Mirakl Connect. As the name suggests, this central dashboard lets you control which marketplace you’re working with, and which seller you want to list on your marketplace.

Mirakl is a French startup that recently raised a $70 million funding round. The company works with e-commerce platforms so that they can add a marketplace of third-party sellers in addition to their own inventory.

Marketplaces are increasingly popular on e-commerce websites, and Mirakl powers the marketplaces for Darty, Office Depot, Best Buy in Canada, etc. The company also powers B2B marketplaces.

But now that marketplaces are booming, it becomes increasingly complicated for sellers to list their products on different marketplaces and reach as many clients as possible.

Thanks to Mirakl Connect, sellers can create a company profile and promote products on multiple marketplaces at once. On the other side, e-commerce platforms that are just starting can find third-party sellers more easily.

If you’re running a small e-commerce website, third-party sellers don’t want to waste time and efforts to list products if it doesn’t lead to a lot of sales. By minimizing efforts, it should boost smaller marketplaces.

Sellers and marketplace owners can discuss together on Mirakl Connect with a built-in chat feature. Yes, Mirakl Connect sounds a bit like a marketplace of marketplaces — double marketplaces all the way.

Mirakl raises $70 million to manage the marketplace of your e-commerce website

French startup Mirakl raised a $70 million funding round. Bain Capital is leading the round with existing investors 83North, Felix Capital and Elaia Partners also participating.

If you’ve bought a few products from a third-party seller on an e-commerce website that isn’t Amazon or Alibaba, chances are you’ve used Mirakl in the past. The company has built a solution to manage the marketplace of your e-commerce platform.

While Mirakl doesn’t have a ton of customers, each customer is very valuable. The company has worked with some of the biggest names in e-commerce so that they could add a new revenue stream with a marketplace. Examples include Best Buy in Canada, Walmart in Mexico, Office Deport and Darty.

The startup also lets you create B2B marketplaces for bulk selling and other complicated transactions. Sellers can set minimum and maximum quantities and customize their listings.

In 2018, the startup managed to add 60 customers and launch 37 marketplaces — it doubled the gross merchandise volume compared to 2017. And it’s true that marketplaces are attractive. You can greatly increase your sales without any physical infrastructure investment as third-party sellers handle logistics.

Behind the scene, Mirakl has developed connectors that work with multiple e-commerce platforms. After setting up Mirakl, your third-party sellers will also get their own on-boarding back end. And Mirakl continuously helps you when it comes to maintaining a certain level of quality and handling orders.

More recently, Mirakl has developed a catalog manager so that you can more easily manage product listings. It lets you get product information, merge product listings and moderate your platform in general. Any e-commerce website can use it, not just websites that operate a Mirakl marketplace.

The company has also launched a services marketplace so that you can upsell your customers before they check out with extended warranties and insurance products from third-party companies.

Mirakl works with global B2B platforms as well as retail websites that usually operate in a country or a handful of countries. 30 percent of retail clients are French, 30 percent are American and 40 percent are from the rest of the world. The startup charges an upfront fee as well as a monthly subscription that varies according to the success of your marketplace.

With today’s funding round, the company plans to do more of the same, at a bigger scale. Mirakl will expand the team, expand to new countries and improve its product offering.

83North closes $250M fourth fund focused on European, Israeli startups

European VC firm 83North (formerly Greylock IL), which since 2008 has focused on backing startups in Europe and Israel, has closed its fourth fund — taking $250M in a raise that it says was both oversubscribed and its largest to date, and bringing its total capital under management to $800M.

The fund says it will continue to invest in startups in its target regions at all stages — and in both the consumer and enterprise segments, including in fintech, SaaS, IT, adtech and marketplaces — albeit with an emphasis on early stage businesses.

However Laurel Bowden, partner in London, notes that the UK’s vote to leave the European Union is encouraging the firm to keep casting its eye across Europe as a whole, rather than concentrating attention on London.

In a statement she noted that the fund has already backed companies from France, Germany, Greece, Italy, Spain and Sweden, for example, and said it’s expecting European activity to accelerate in tech hubs outside London because of Brexit.

“As we look to the future, the UK’s exit from the EU will accelerate activity in European tech hubs outside the UK. We believe this presents a big opportunity for venture funds, like 83North, that are already well-established in the wider European region,” she said.

“It’s very encouraging for the European market to see such huge ambition to build global, category-leading companies. There have been fifteen exits valued at more than $1 billion that originated from Europe in the past five years compared to only a handful prior,” she added.

83North has invested in more than 40 startups to date. Portfolio companies include Just Eat, Telit, Hybris (acquired by SAP), ScaleIO (acquired by EMC), SocialPoint (acquired by Take-Two), Supersonic (merged with IronSource), Celonis, Mirakl, Via, Wandera, Workable, Wonga, Zerto, NotOnTheHighStreet, Ebury, iZettle, Marqeta and Payoneer.