Wholesale marketplace Orderchamp raises $20 million for further expansion
Orderchamp completes Series-A investment to further accelerate growth in Europe.
Dutch scale-up Orderchamp, the fast-growing wholesale marketplace for brands and retailers, has raised $20 million in growth capital for further expansion in Europe, only two years after its inception. The Series-A round is led by Prime Ventures, which previously invested in JustEat-TakeAway.com (TKWY), amongst others. Existing investors henQ and a number of business angels also participate in the round.
Thousands of retailers are using Orderchamp’s platform to easily discover and buy from more than 1,800 European brands. Brands in turn gain access to 30,000 retailers from all over Europe through the platform. With its favorable purchasing conditions, such as low order minimums, 60-day payment terms and free shipping, Orderchamp has supported thousands of independent retailers in times of crisis. In addition, due to the absence of trade fairs, brands get the opportunity to create new business relationships and benefit from a guaranteed payout on every order. Orderchamp currently serves customers from all over Europe, including the Benelux, Germany and France.
"The majority of the investment will be used to increase our international footprint, improve the digital purchasing experience and further develop our powerful technology (including machine learning and integrations with commerce systems)," says co-founder and CEO Joost Brugmans: "Our retailers visit our platform several times a week to source unique products for their store or webshop. That is why we pursue adding dozens of new brands on a daily basis, rather than weekly, which can be purchased quickly and easily by retailers. Based on previous sales data of tens of thousands of retailers, we can better predict whether a product will sell in that particular store. This way, our stores can continue to stand out from the crowd and strengthen local retail."
"Prime Ventures is a European leader in the venture capital scene with lots of experience and a fantastic team. Through their previous investments, they are experts in marketplaces (JustEat-TakeAway.com), e-commerce (Greetz) and fintech (iwoca) - and exactly this combination convinced us to work together to become a global leader within our category," Brugmans said.
According to Thijs Emondts of Prime Ventures, Orderchamp has a big role to play in the further digitization of retail. "Traditional wholesale is very fragmented and not very innovative. Through its superior technology such as data-driven recommendations, a unique assortment and a smart go-to-market strategy, Orderchamp offers both retailers and brands a unique customer experience. We are very impressed with Orderchamp's team, its explosive growth and high customer retention. Orderchamp solves a big problem for both customer groups. I look forward to our collaboration as they further strengthen their position in Europe and lead the digital revolution in procurement."