Salsify, Inc., the leading commerce experience platform that helps brands win on the digital shelf, announced that it has closed a $155 million Series E round of financing led by Warburg Pincus, a leading global investment firm focused on growth.
“From skyrocketing traffic across major online retail sites to step function growth in direct to consumer channels, this year is when the digital shelf became the focal point of how consumers research, buy from and develop relationships with brands,” said Jason Purcell, Salsify co-founder, and CEO. “We are excited to partner with a world-renowned firm like Warburg Pincus in our mission to ensure that brands across industries and geographies are best equipped to offer incredible commerce experiences to consumers, anywhere they shop online.”
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Salsify’s CommerceXM platform combines powerful Product Experience Management capabilities (PIM, DAM, enhanced content, and advanced workflow capabilities) with the ability to deliver and sell products across both retailer channels and direct channels such as marketplaces, social commerce, and brand-owned sites.
By integrating all the capabilities brands need to support and transact commerce experiences through one technology stack, Salsify CommerceXM enables brands to move faster than their competition to optimize every digital touchpoint for discovery, conversion, and brand affinity.
Warburg Pincus has invested more than $20 billion in technology companies since inception, and is one of the most active growth investors in enterprise technology and SaaS. Notable technology investments include CrowdStrike, Avalara, Samsara, Ant Group, Privitar, Trax, and Gojek, among others.
“Salsify is a clear market leader, serving some of the largest and most discerning global brands and retailers. The company’s strong track record, paired with a talented leadership team has positioned it well for the increase in demand for digital shelf solutions,” said Vishnu Menon, Managing Director, Warburg Pincus. “We are excited to partner with Salsify in their mission to help brands develop better and longer-lasting relationships with consumers online,” added Michael Ding, Vice President, Warburg Pincus.
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Since its 2018 Series D, Salsify has seen consistent growth both from within its existing customer base and from the global enterprise sector. Salsify currently boasts a greater than 120% net revenue retention rate. Out of the company’s 800 customers, 225 have more than $1 billion in revenue and 165 have global implementations of the platform.
In 2020, Salsify was named a Cool Vendor in Digital Commerce by Gartner and a leader in IDC’s Product Information Management Marketscape. Earlier this month, Mike Milburn, former Chief Customer Officer at Salesforce, was also appointed President to lead all go-to-market and customer operations.
The new round of funding will enable Salsify to further accelerate product development of its commerce experience management platform. The company also plans on using the funds to scale international growth investments, including overseas sales, marketing, and business development efforts, along with assisting customers in global implementations of the platform.
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