The home improvement chain also said the malware responsible for the breach has been removed from all stores.
Merchantry provides technology that empowers retailers and media organizations to generate new revenue streams by building online marketplaces.
NEW YORK, MAY 6, 2013 – Merchantry, an online marketplace technology provider, today announced that it has received $7 million in Series B growth capital led by Kite Ventures. Greycroft Partners and e.ventures also participated in the round. The new investment is in addition to the $10 million Series A funding the company secured in 2011 and 2012 from venture sources including Carmen Busquets, founder of GIFTLAB.com and founding investor of Net-A-Porter.com, and Marvin Traub Associates.
Merchantry empowers retailers – both established and non-traditional outlets including media companies – to make any product available at every shopper touchpoint. The funding will help the company continue the expansion of its sales team and its client base throughout the U.S. and Europe.
“The increasingly consumer-driven retail environment is leading a convergence of merchandising, customer service, marketing and supply chain management and there is incredible need – and potential – for technology solutions to help retailers adapt and succeed. This investment allows us to expand and educate the market,” said Rick Watson, CEO of Merchantry. “Our software helps retailers adjust to the ongoing retail evolution by giving them access to an expanded assortment of products provided by third-party suppliers, while fully supporting the merchandising and marketing teams with eCommerce-ready product information, full visibility to order status and ongoing performance reporting.”
“Merchantry is helping some of the world's largest retailers succeed in a rapidly changing environment,” said Edward Shenderovich, managing director of Kite Ventures. “Their trust in Merchantry underlines the efforts of the team, which has done a terrific job in transforming the market. We are proud to be on board for this exciting ride.”
Merchantry provides an eCommerce software-as-a-service (SaaS) solution that empowers retailers and media organizations to generate new revenue streams by building online marketplaces. Its extensible technology infrastructure coupled with its streamlined merchant onboarding enables expedited implementation of marketplaces. By offering product inventory supplied by third-party merchants, revenue is increased, while investment and risk is minimized. Merchantry delivers market-leading capabilities for some of the largest retail and media brands in North America and Europe. The company is headquartered in New York and has a regional office in London. Merchantry was named to Crain's 2012 “Best Places to Work in New York City” list. For more information, visit http://www.merchantry.com.