Leeds-based e-commerce marketing platform Google Shopping has completed a £4m Series A funding round led by Gresham House Ventures.
The idea behind Bidnamic originated in 2018 when co-founders Liam Patterson and Dr. Ingvar Kraatz ran Dzinga, a print-on-demand e-commerce marketplace.
The store had grown to over 40 million differentiated products (SKUs), which was “unmanageable for them to run” as manual campaigns on the Google Shopping ad platform, so they built a machine learning engine unique to automate it.
The platform was followed by investors in their portfolio companies and after good results, Bidnamic was founded.
The company has since grown to a team of 100 and supports hundreds of retailers and brands, including three The Sunday Times The UK’s Fast Track 100 fastest growing retailers: Lounge Underwear, Chilly’s Bottles and Oh Polly.
The funding round marks Bidnamic’s first institutional investment. It has been bolstered by existing angel investors, including Marin Mayer, co-founder of Booking.com; Chris Forrest, Advisor to the Board of Directors of Net-A-Porter; and Luke Judge, former chief executive of performance marketing agency Incubeta.
The investment will be used to support R&D projects and expansion into the US market.
Henry Alty, Chief Investment Officer at Gresham House Ventures, said: “Bidnamic initially appeared on our radar after we saw firsthand the meteoric growth that technology has provided to retailers in our network.
“The company’s professional team, well-rehearsed sales and marketing approach, capital-efficient growth approach and proven product return on investment to meet rising acquisition costs for online retailers, means it is extremely well positioned to accelerate its already meteoric growth.”
Liam Patterson, co-founder and managing director of Bidnamic, added: “Gresham House Ventures is a natural partner, as the team brings extensive experience in scaling SaaS B2B, in particular the platform of e-commerce integration Patchworks, shipping optimization software provider Scurri and online offer personalization. RevLifter platform.
“The additional alignment comes as the Gresham House Ventures team also have experience in e-commerce investments, including the fashion market SilkFred, the used photography equipment market MPB and Crew Clothing. means the team intuitively understands the pressures retailers face.”
Gresham House was advised by Granta Strategy (CDD), Equator (TDD), Menzies (FDD), Sales Blueprint (DD sales and marketing), Confidas People (organizational development) and Shoosmiths (legal).
Bidnamic was advised by Latham & Watkins.