Pimberly secures additional £4m funding for US & European expansion
Pimberly, the UK-based Product Information Management (PIM) and Digital Asset Management (DAM) software provider, has secured an additional 4m ($5m) funding, paving the way for its ambitious expansion objectives for the US and European markets. The firm, whose digital solutions assist businesses augment e-commerce sales, received the investment from NPIF Mercia Equity Finance and Mercia's funds. The recent funding round raises the total capital raised to date to over 14m ($17.8m).
The Pimberly platform aids various businesses, including manufacturers, distributors, brands, and retailers, by handling the necessary data and digital assets like images, videos, documents, and 3D visuals to create, market, and sell their products. The platform compiles product specifications and digital assets in one location, providing access to accurate, up-to-the-minute information. Pimberly is trusted by numerous leading brands such as Footasylum, Monsoon, JD Sports, Cotton Traders, Dover Sadlery, and Harvey Nichols.
The fresh input of funds will give a substantial boost to Pimberly's growth plans. Mercia and NPIF first invested in the Manchester-based firm back in 2018. Since the previous funding round in 2021, Pimberly has seen a considerable expansion in operations and workforce, with UK staff numbers growing from 47 to 75. The company also doubled its customer base to around 115 and established a US office in New York. Moreover, the funds were used to incorporate advanced AI features into the platform to augment its data handling capabilities and improve SEO-optimised product experiences.
The CEO of Pimberly, Martin Balaam, expressed his gratitude for the continued support from their investors. He highlighted how their product caters to leading e-commerce businesses that operate on multiple marketplaces globally, managing their data enrichment process and improving customer shopping experiences. Balaam also emphasised how such backing showcases the accessibility of local investment for Northern tech businesses.
Debbie Sorby, Senior Manager at the British Business Bank, highlighted the increasing demand for effective solutions in response to evolving consumer behaviour and the rise of e-commerce. She stated that the Northern Powerhouse Investment Fund remained committed to supporting businesses like Pimberly and promoting large-scale economic performance.
Will Clark, a Managing Director at Mercia Ventures, shed light on the North West of England's burgeoning e-commerce sector and commended Pimberly's role as a global leader in the field. He asserted that their latest investment would bolster Pimberly's ongoing expansion plans and take the business to greater heights. The current NPIF investment phase concluded recently, with the British Business Bank set to launch the Northern Powerhouse Investment Fund II in March 2024. Clark also noted Pimberly's robust foundation in the US market and its potential for further growth.
