Purple Dot Secures $10M Funding to Revolutionize E-Commerce
With funding led by OpenOcean, Purple Dot will help brands sell more, store less, and reduce unsold inventory. Purple Dot, the pioneering e-commerce pre-order and waitlist platform, today announced the closure of a $10 million (£7.93 million) Series A funding round. The round was led by leading European venture capital firm, OpenOcean, to fuel Purple Dot’s mission of creating a world where everything that gets made, gets sold. Purple Dot’s solution is trusted by hundreds of brands, including Oh Polly, one of the UK’s fastest-growing private fashion firms, Lando Norris, Goorin Bros, Astrid and Miyu, and Sachin & Babi, processing millions of dollars in transactions each month.
The Series A funding round also featured strong participation from Commerce Ventures and existing investors Unusual Ventures, Connect Ventures, Moxxie Ventures, and Paul Forster, former CEO and co-founder of Indeed. This investment will enable Purple Dot to continue building its platform and expand its reach to more brands across various industries, revolutionising the way e-commerce operates. With a team of 15 based in London, UK, and Charlotte, NC, USA, the company is well-positioned to drive the future of e-commerce.
Purple Dot’s pre-commerce solution addresses a critical issue in the industry: countless products go unsold each year, leading to unsustainable business practices and significant waste. By empowering brands to sell earlier, Purple Dot helps them reduce inventory risk and store less, regardless of whether the stock is 1 day, 1 week, 1 month, or 1 year away. The company firmly believes that the next 10 years of e-commerce innovation will happen before stock arrives at the warehouse. Recent disruptions in global trade such as the Red Sea shipping crisis have illustrated the importance of supply chain resilience for brands. By enabling brands to sell products before they arrive at the warehouse, Purple Dot helps them manage these risks and maintain sales momentum even in the face of unexpected challenges, reducing the impact of supply chain disruptions on their bottom line.
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| # | Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|---|
1 |  OpenOcean | 3 investment(s) investment(s) | more info | |||
2 |  Commerce Ventures | 2 investment(s) investment(s) | 5 contacts contacts | |||
3 |  Unusual Ventures | 2 investment(s) investment(s) | more info | |||
4 |  Connect Ventures | 7 investment(s) investment(s) | more info | |||
5 |  Moxxie Ventures | 1 investment(s) investment(s) | more info |
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