Amplience, the leading provider of rich media production technology for ecommerce, today announced the successful closing of a $1.4 million growth capital term loan with Silicon Valley Bank. The new funding comes on the heels of recent advances and customer wins in the U.S. market and further supports Amplience’s rapid growth in this region.
Since opening its first U.S. office in New York last year, Amplience has enjoyed significant growth in the North American market, bolstered in large part by a stream of customer wins, expansions of existing accounts and technology integrations with key ecommerce software platforms.
The company has helped customers such as Sweaty Betty, a women’s active wear retailers to utilize rich brand content within the online store, spurring 200 per-cent revenue growth online. Amplience also recently signed contracts with several well-known U.S. brands, including luxury fashion provider Jimmy Choo, cosmetics manufacturer L’Oreal and fashion brand Alexander Wang.
In addition to supporting Amplience’s plans for further U.S. expansion, the Silicon Valley Bank funding will also fund ongoing enhancements for Amplience’s Adaptive Media Platform (AMP), such as the recently launched integration with the new IBM WebSphere Commerce system. The integration with IBM will allow users of WebSphere Commerce to easily produce creative, inspirational marketing and merchandising media for their online channels The news was announced at the NRF’s Annual Convention & Expo last month.
“This financing by Silicon Valley Bank is strong validation of Amplience’s mission to transform the economics of rich dynamic multi-channel retail customer experience production,” said James Brooke, Amplience’s CEO, who goes on to say that the investment “provides us with with the capital to continue the development of AMP and to accelerate our expansion in the North American market.”
“We are excited to partner with Amplience and provide them with the financing they need to develop and grow their footprint in the North American market,” said Andrew Hunter, Vice President at Silicon Valley Bank’s UK Branch. “Silicon Valley Bank is committed to providing SaaS businesses at all stages of growth with the right financial products and services for their specific needs. We look forward to building a longstanding relationship with the Amplience team.”