Centric Software, a San Jose, Calif.-based provider of PLM for apparel and other consumer industries, has raised $14.3 million in Series B funding. Oak Investment Partners led the round, and was joined by return backers Bancboston Ventures and Masthead Venture Partners.
Centric Software, a leading provider of PLM for apparel and other fast-moving consumer industries, today announced that it has closed $14.3 million in series B venture capital financing. The funding round was led by Oak Investment Partners and included Centric's current investors: Masthead Venture Partners and BancBoston Ventures (a Bank of America company). Centric will use the additional financing to expand product development, sales and marketing efforts, and address the growing market opportunity for Product Lifecycle Management (PLM) technology solutions within Apparel, Footwear and Accessories (AFA), and private label sourced products for the wholesale and retail markets.
“We see a significant, untapped market for PLM within apparel and other fast-moving consumer industries,” said Bandel Carano, managing partner at Oak Investment Partners. “Centric's innovative Product Intelligence technology is elevating PLM for apparel and other consumer industries to the next level. This unique technology combined with the executive team's domain expertise in PLM will enable the company to meet the specific requirements of these markets and become the de facto PLM standard. Our investment in Centric underscores our confidence in the company's market opportunity and ability to execute.”
“Apparel and other fast-moving consumer goods companies are under intense pressure today to bring more products to market faster to meet short market window opportunities, while simultaneously improving margins and improving collaboration with suppliers,” said Chris Groves, president and CEO of Centric Software. “Our PLM solutions, powered by our ground-breaking Product Intelligence technology address these industry requirements, while also delivering the added benefits of rapid implementation and end-user adoption, flexibility, and easy integration with legacy systems. This funding highlights our distinct position and will enable us to address the market opportunity in our targeted industries.”
Centric offers unique PLM solutions for AFA and other fast-moving consumer industries. The company's powerful Product Intelligence