Shopblocks, a Stockport-based digital commerce business, has raised GBP £2 million and has rebranded to Symphony Commerce.
The company's recent funding came from NPIF II—Mercia Equity Finance, with contributions from Mercia Ventures, the Greater Manchester Combined Authority (GMCA), and private investors. This investment is part of the Northern Powerhouse Investment Fund II, which Mercia Ventures oversees.
The rebrand marks Symphony Commerce's focus on the global B2B enterprise market, launching new features and functionalities for wholesalers, distributors, and manufacturers. The platform enables businesses to create customised e-commerce sites, customer portals, and product catalogues, addressing the complexities of B2B operations such as intricate pricing strategies and personalised customer experiences. Additionally, it can integrate with leading ERP, finance, and marketing software to unify business operations.
Established in 2015, Symphony Commerce has garnered a client base of over 2,000 businesses, including notable names like Toshiba, Giacom, Daisy Telecom, and Tower Housewares. With a staff of 26, the company has nearly doubled its annual recurring revenue to GBP £1.4 million in 18 months and has set a goal to triple that figure in the next three years. The latest investment, bringing the company's total raised funds to GBP £6 million, will aid its expansion in the global B2B market and enhance its platform further.
Kevin Jones, Founder and Chief Technology Officer of Symphony Commerce, stated, "With Symphony Commerce, we're empowering our clients to outpace their competition with agility and precision, ensuring they remain leaders in their industries. This investment allows us to scale faster, expand our team, and deliver a superior customer experience."
Robert Hornby of Mercia Ventures commented, "Symphony Commerce solves several complex challenges for B2B companies that other platforms are unable to address. As a result, it is rapidly building its customer base in this sector and has the potential to become a leader in its field. With a new brand and fresh investment, we believe the right foundations are in place to help the business pursue this goal."
Hill Dickinson provided legal advice to Symphony, Browne Jacobson advised Mercia Ventures and Ward Hadaway advised GMCA during the transaction.
The GBP £660 million Northern Powerhouse Investment Fund II covers the North of England and supports small and medium-sized businesses with loans ranging from GBP £25,000 to GBP £2 million and equity investments up to GBP £5 million. It drives sustainable economic growth and supports innovation across the region.
