An ‘Inno Byte’ is a quick hit on a local tech & startup news story that you need to know. Be sure to check out The Beat and BostInno.com for more in-depth coverage on the city’s innovation economy.
The local company that was named after a plant with purple flowers raised a funding round that brings its total funding close to $100 million.
Salsify, a Boston-based product content management platform for retail brands, announced on Tuesday that it has raised a $43 million Series D round led by Greenspring Associates, a VC firm focusing on telecommunications with offices in Maryland and Palo Alto, California.
Existing investors Matrix Partners, Venrock, Underscore VC (the leading investor of Salsify's Series C round in January 2017) and North Bridge Venture Partners participated in the round.
The new investment, which brings total funding to $98.1 million, will further advance Salsify's investments in R&D. Salsify said it invested approximately 40% of its revenue in R&D in the first half of 2018, and this effort will be further bolstered by the Series D investment.
"By 2022, 58% of all retail sales are expected to be influenced by digital. In order to drive market share and margins, winning brands need to deliver and continually optimize a differentiated product experience for buyers at every touchpoint across the digital shelf," Jason Purcell, Salsify CEO and co-founder, said in a statement. "This latest round of financing, along with our increasing market momentum, underscore how Salsify's capabilities are comprehensively addressing this major challenge for brands in a way no other platform can match."
Founded in 2012, the company added Anheuser-Busch, Perry Ellis, Michelin and Asics as customers this year. In 2016, the company moved into its fourth office in four years.
