(SAN FRANCISCO - October 20, 2015) - Stitch Labs, the leading inventory control and multichannel selling solution, today announced that it has closed $15 million in Series B financing. The investment was led by Triangle Peak Partners. This brings the company’s total funding to $23 million. Stitch Labs will use the funds to further accelerate the company’s commitment to automate commerce and continue to expand its solution to larger retail businesses.
Consumer shopping behavior is changing, and retailers are now forced to expand to additional channels, add new processes and sophistication in order to grow their businesses. This evolution has created more complexities for retailers, resulting in a need for a multichannel solution that automates their backend procedures.
“Our vision is to become the single source of truth for all commerce businesses of every shape and size,” said Brandon Levey, CEO of Stitch Labs. “This round of funding allows us to continue expanding our product to achieve that goal and gives us the ability to grow a team who shares our passion around this vision. We’ve made it this far so quickly because of the tenacity our company has fostered, and that focus will continue as we grow.”
Stitch Labs has tripled its revenue over the past year and continues to power companies on the forefront of commerce and technology, such as Chubbies and Flash Tattoos. With sales speaking for themselves, the company processes nearly 6 million new orders each month, equating to $4B in annual GMV.
“Stitch Labs’ rapid growth and product vision positions the company to lead the next phase in the evolution of commerce,” said Dain DeGroff, co-founding partner and president at Triangle Peak Partners."With this Series B, Stitch is poised to continue to evolve its products to further commerce automation and scale its technology to service larger customers."
Stitch Labs has nearly doubled its employees over the past year, and the company plans to add an additional 50 new hires in the next six months. These expanding teams are being led by exceptional leaders and talent including vice presidents of marketing, sales, finance and platform. Jay Newell, the new vice president of marketing, is an analytical marketer and team leader with 12 years of experience in developing, managing and executing online marketing programs. Matt Ball, the new vice president of sales, comes from a long career with Demandforce, using his creative and strategic thinking to mold winning sales teams. Finally, co-founder Jake Gasaway has been named vice president of platform, where he will be responsible for growing the customer base through strategic partnerships and product enhancements.
For more information about Stitch Labs, its product and its career opportunities, please visit www.stitchlabs.com.
About Stitch Labs
Stitch is the leading online inventory control solution that simplifies multichannel retail business. It automatically syncs inventory, orders and sales across channels, which provides retailers a holistic understanding of their operations. With Stitch, retailers save time, make better decisions, and grow their businesses. Stitch integrates with top sales channels such as Amazon, eBay, Etsy, Shopify, WooCommerce and Square, as well as add-ons including Quickbooks, Xero, and ShipStation. To learn more, visit www.stitchlabs.com or reach out to our team at firstname.lastname@example.org or on Twitter at @StitchLabs.
BLASTmedia for Stitch Labs
317-806-1900 ext. 104