Home / Knowledge / News / Information Technology / Backbone closes series A funding with $18 mn

Backbone closes series A funding with $18 mn

05
Aug '19
Pic: Backbone
Pic: Backbone
Backbone, the leading cloud-based, next-generation workflow suite for consumer goods companies, has secured an additional $10 million in investment as part of series A2 financing led by Foundry group. This funding, combined with $8 million Backbone raised in August 2018, has it closing its series A round with $18 million in funding over an year.

Backbone plans to address three key growth initiatives with the additional $10 million in funding it has received: increasing staffing, providing updated features and functionality to the Backbone platform, and solidifying their market presence. By the end of 2019, the company plans to bring on a chief operating officer and seeks to double their employee count, going from 50 employees to over 100 by Q2 of 2020, said Backbone in a press release. Till now Backbone has raised a total of $23 million in funding.

During the last quarter of 2018 and first half of 2019, Backbone used a portion of the investment to advance their platform and expand growth into consumer goods industries like fashion, furniture, home and hard goods, textiles, and more. The Boulder-based company now works with more than 150 companies, including world-leading, digitally-native brands like Allbirds, Warby Parker, Outdoor Voices, Uppababy, Serena & Lily, Betabrand and Parachute Home.

Launched in July 2019, Backbone’s new cloud-based platform has proven to be an energising innovation for industries like fashion and retail, which have been slow to embrace the digital age. Investors and venture capitalists continue to support Backbone because of its unique technology and cloud native platform that.

The platform is a modern SaaS offering that eliminates top pain points during the product development process, most of which are due to inadequate or outdated infrastructure. It affords users with unprecedented opportunities for improved efficiency and growth that other PLM software and outdated tools of the past could not. It improves cross-functional visibility and increases speed to market while decreasing revision cycles and waste while seamlessly connecting all workflows and will integrate with popular work-related apps like Shopify, Netsuite, and Slack. The platform is the only product of its kind, empowering brands to make smarter, data-backed decisions through an easy to learn, continuously evolving cloud-based interface that mirrors and responds to the fast-paced direct-to-consumer market.

“This is an incredible investment. It will continue to accelerate the growth of the Backbone team and our core product. It will also aid us as we advance in the middle market while garnering more business in the enterprise market,” said Matthew Klein, CEO of Backbone. “It allows us to further enable today’s leading disruptive brands to make products better, faster, and more efficiently. Since the beginning, we’ve never thought of ourselves as being up against our legacy incumbents. Instead, we are competing against a fast-growing direct to consumer economy with a customer demand that is greater than ever.” 

"We’ve seen firsthand the inefficiencies and difficulties direct-to-consumer brands face in getting great products to market,” said Jason Mendelson, founding partner of Foundry Group. "We believe that Backbone, with its modern and seamless platform experience, is the only real solution for brands to work in a fully digital space. We are incredibly excited to partner with them." (PC)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 17th Sep 2021

UK again delays post-Brexit import trade controls

The United Kingdom has again delayed the implementation of some...

Pic: Shutterstock

Retail | On 17th Sep 2021

American retailers oppose business tax rate increases

The National Retail Federation (NRF) has opposed the proposed...

Pic: Shutterstock

Apparel/Garments | On 17th Sep 2021

Bangladesh looking to boost man-made fibre apparel exports: TexPro

Bangladesh is looking to focus on the man-made fibre apparel market...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Textile Industry, Head honchos

Textile Industry
Head honchos

Always best to produce under own supervision

Vandana Narang, National Institute of Fashion Technology

Vandana Narang
National Institute of Fashion Technology

Campus placements are low due to lockdowns

David Guiho,

David Guiho

Headquartered in Apt, South of France, Delta Plus designs, manufactures...

Bharat Ahuja,

Bharat Ahuja

A mono store brand, <b>Bharat Ahuja's</b> Desire Design Studio has emerged ...

Ritu Oberoi,

Ritu Oberoi

Mumbai-based Forsarees is a socially driven business enterprise, working...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Reynu Taandon, Label Reynu Taandon + Nikhita

Reynu Taandon
Label Reynu Taandon + Nikhita

Renowned womenswear designer <b>Reynu Taandon </b>has been serving the...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search