Shopblocks, a UK business that is a pioneer in digital commerce, has raised £2m from NPIF II – Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II), Mercia’s EIS funds, the Greater Manchester Combined Authority (GMCA) and private investors.
The latest investment comes as Shopblocks rebrands to Symphony Commerce and launches a range of new features and functionality as it hones in on the global business-to-business (B2B) enterprise market.
Symphony’s platform allows wholesalers, distributors, and manufacturers to create tailored e-commerce sites, customer portals and product catalogues, enabling them to thrive in the demanding B2B landscape. It fills a gap in the market for a platform that can handle the scale and intricacies of B2B operations – such as managing complex customer pricing strategies, tailored discounts and personalised experiences across extensive customer bases. It integrates with leading ERP, finance and marketing software to ensure businesses can unify their operations.
Founded in 2015, the platform is now used by over 2,000 customers including Toshiba, Giacom, Daisy Telecom and Tower Housewares. The business, which is based in Stockport and employs 26 staff, has almost doubled annual recurring revenue (ARR) to £1.4m over the past 18 months and aims to triple that within the next three years. The latest funding round, which brings the total it has raised to £6m, will enable it to expand its presence in the global B2B enterprise market and further enhance its platform with new features and integrations.
