Alpharetta-based supply chain software company Deposco raised a $35 million investment and plans to double its team and expand its market reach in 2021.
The round was Deposco’s first institutional investment and led by Pennsylvania-based NewSpring, with participation from Aspen Capital Group and existing investors, according to a company blog post. Deposco CEO Bill Gibson said NewSpring was a good culture fit for the company’s leadership team.
Deposco, founded in 2011, works with small-to-enterprise businesses to provide the “Bright Suite” of eight applications that aims to streamline the supply chain for e-commerce, retail and all other channels of fulfilling purchases.
Gibson said the company plans to continue developing its software and expand into new international markets with the funding.
Deposco has some clients in Europe and Australia, Gibson said. He hopes to expand the company into China because of its leading position in e-commerce. Local customers include Coca-Cola and Chick-fil-A, as well as other mid-sized businesses, but Deposco's client base is not concentrated in Atlanta, Gibson said.
Deposco has seen an increased momentum in growth over the past few years and doubled its team to 160 people in 2020, Gibson said. He's planning to double in size again in 2021.
"The mission of supply chain is to make more goods available to more people and to do so at an affordable price,” Gibson said. “It’s a noble profession.”
Gibson said he believes the Covid-19 pandemic made lasting changes in how people shop.
“We’ve had a real significant move forward in terms of people shopping online and having full confidence that the right products are going to arrive,” he said. “All these brands are trying to make sure the experience is more pleasant for the consumer.”
