Wealth Club leads £1.5m funding round for Advanced Commerce’s merchandising platform
Summary
The platform helps retailers merchandise their websites effectively, delivering a better online shopping experience in order to increase sales and reduce drop-off rates and basket abandonments.Advanced Commerce was founded by Andr\xe9 Brown who previously founded Attraqt a merchandising platform used by over 300 enterprise retail clients, from ASOS to The White Company and Screwfix and subsequently helped it float on AIM in 2014.This is the second fundraise by Wealth Club, after raising \xa31.3 million in late 2021, co-investing alongside institutional investor, Haatch Ventures. However, many retailers struggle to keep up with users expectations, for instance, up to 70% of baskets are abandoned and that alone can cost e-retailers \xa3millions in lost sales. Our clients recognise a good opportunity when it presents itself and were quick to invest.Andre Brown, CEO of Advanced Commerce said: We were delighted to raise a further \xa31.5 million in order to continue growing the business at its current pace. The software we have developed is called GrapheneHC and is effectively three technologies in one including site search, visual merchandising and product recommendations. The progress since our initial investment in 2021 has gone from strength to strength seeing the company grow significantly with 31 signed clients and 15 live on the platform including the likes of Baby Mori, Pangaia, Anya Hindmarch, The Conran Shop and LK Bennett, as well as having a very strong pipeline of clients for the coming months.