The funding will help Logicbroker expand globally. Here are the top-line bullets you need to know.
Logicbroker, a drop shipping and electronic data interchange (EDI) software provider, has raised $135M in growth equity funding from K1 Capital.
HOW’S THE COMPANY PERFORMING
- Connecticut-based Logicbroker’s software helps purchasers, retailers, suppliers, e-commerce brands, and third-party logistics providers with fulfillment.
- The company has reportedly witnessed 80% year-over-year revenue growth. Its gross merchandise value (GMV) is expected to rise to $6B by the end of 2021.
- It caters to 4,000 companies — Coca-Cola, Samsung, Mars Wrigley, Amazon, Walmart, and Walgreens are included among its customers.
- Logicbroker has inked partnerships with Salesforce, Magento, Something Digital, and Oracle Netsuite, among others.
- The company employs 65 people across 5 global locations.
Source: Logicbroker
WHY DOES THE MARKET MATTER?
- The global electronic data interchange (EDI) software market is projected to grow at a CAGR of 10.7% and reach a value of $3.5B by 2027, according to Fortune Business Insights.
- The drop shipping market is expected to reach a value of $591.8B by 2027, according to The Insight Partners.
- The use of cloud-based EDI software has increased across several disciplines, including healthcare and retail, amid the pandemic.
