Bluecore, one of the finest companies in the field of developing retail companies with the fastest growing retail brands, announced that it had raised $125 million in its series E funding. This Bluecore 125m series raises the company’s total valuation up to $1 billion.
Georgian, a multi-billionaire fitness company, led the entire funding round in the most effective manner. Moreover, Georgian has been one of the greatest investors in Bluecore for all time, and this time as well, it doubled its investment in Blucore. In the investing round other investors such as FirstMark and Norwest, Silver Lake Waterman and others also take active participation.
The company states that this funding is one of the important ones and it will be used to accelerate our e-commerce product’s development. Furthermore, we are also planning to invest these funds in AI and analytics. In this technological world where AI is developing at a fast pace and providing every facility to the user via the internet, we at Bluecore try to provide the user with the best platform for online shopping.
We aim at giving priority to small retail businesses and helping them grow in this technological world. At the same time, it enables the retail business to enhance their productivity and sell frequency, while at the same time it enables the customer to build their purchase frequency and add to their lifetime value. As a result, at present, the company is supporting hundreds of retailers and responsible for driving billions in Gross Merchandising Value (GVM).
Fayez Mohamood, CEO and co-founder of Bluecore, says that over time, retail businesses have always been a matter of concern and have faced a lot of change. Almost every business has shifted to brick and click, enhancing both online and physical selling and buying processes. But, with the indulgence of business units on more and more online platforms, it has changed the way sellers interact with their customers.
We, at Bluecore, try to maintain that change and bridge the gap between online retailer and buyer. We focus mainly on three things. First, the customer’s identity over the internet. Second, the behavior and attitude of the shopkeeper towards its customers. Last but not least, a retailer’s product catalog and quality. And through the utilization of this information, we try to create a personalized customer and seller experience.
The company was formed in 2013 and since then it has faced various challenges and overcome them as the best platform for retail business. Mahmood says that during the COVID-19 pandemic, everything was online using the internet, and this made our entity grow faster. As our strength lies in an online platform, the pandemic drives more and more customers towards us.
The pandemic not only increases our customers but also enables us to increase staff. As more users access our platform, it becomes necessary to hire more employees to deal with their inquiries. Before the pandemic, we were a family of approximately 230 people, but after the pandemic, we hired new people, and now we are a family of more than 300 people. We are planning to increase this number from 300 to 400.
Mahmood says that we are very glad to employ more and more staff, as the true growth and success of the company can be measured by the number of talented people it employs. He further added that we feel proud that in our company’s executive team we have more females as compared to males. This shows our company’s strength is women’s empowerment.