Stitch Labs said Wednesday that it has received $3.5 million in funding from return backers True Ventures and Costanoa Ventures. Based in San Francisco, Stitch Labs is an inventory and multichannel selling platform for retailers and wholesalers.
SAN FRANCISCO, CA–(Marketwired – August 20, 2014) – Stitch Labs, the leading inventory and multichannel selling platform for retailers and wholesalers, today announces a $3.5 million round of funding from existing investors True Ventures and Costanoa Ventures. The internal funding will be used to fuel growth by scaling the Stitch platform and amplifying marketing efforts to tap a rapid market expansion in retail.
“Stitch is exactly the kind of progressive company we look forward to investing in,” said True Ventures founder Phil Black. “When another opportunity arose to provide funding, we jumped at the chance to assist and are confident in the direction they’re heading.”
Stitch Labs focuses on solutions for the commerce industry, which contributed $4.27 trillion to the U.S. economy in 2013, including the fast growing e-commerce sector, which is slated to increase 15.5 percent in 2014 to $304 billion. To support this market, Stitch will use the funds to expand its marketing and engineering teams, who will focus on driving customer acquisition and enhancing the platform and partnerships. The Stitch platform already supports major commerce players such as Amazon, eBay and Square, and is planning new integrations that will further empower retailers to expand sales channels quickly and easily.
“Stitch is growing at a rapid pace. In fact, orders managed through the Stitch platform have increased by more than 700 percent over the past year alone,” said CEO and founder Brandon Levey. “This capital gives us additional resources to innovate and continue delivering on our vision of simplifying and unifying commerce for multichannel retailers on a larger scale.”
Stitch Labs’ cloud-based inventory management platform helps businesses unify sales channels, gather crucial data and fulfill orders faster. With more than $100 million passing through the platform each month, the company is able to aggregate a wealth of retail data to help customers make more informed decisions about shipping, merchandising, inventory, ordering and warehousing.
About Stitch Labs
Since 2011, Stitch Labs has been creating software that simplifies commerce, decisions, and life for retailers and wholesalers. The intuitive Stitch Labs platform streamlines inventory, orders and data across multiple channels. It also delivers the most robust integrations with top commerce applications such as Square, Amazon, eBay, Etsy, Shopify, Quickbooks, Xero, BigCommerce and others. To learn more, visit www.stitchlabs.com or reach out to our team at [email protected] or on Twitter at @StitchLabs.