Systum, a provider of digital operating platforms for small to medium-sized businesses (SMBs), announced it has raised £8.8m in its latest round of funding led by London-based venture capital firm Octopus Ventures.
The company will use the funding to add new functionality to its cloud-based software, and to expand its sales and marketing efforts.
Systum combines major business operations like inventory and order management, marketing, CRM and digital commerce into a single platform that delivers ‘Enterprise Class’ operational capability.
Systum CEO Dean Mansfield said: “This breaks down silos within a business and provides them with real time data and business intelligence. It allows SMBs to offer seamless, customer-centric digital experiences that rival Amazon and eBay.”
“When you ask business owners in the wholesale distribution sector how many software applications they use to run their operations, the answer is normally between five and ten separate applications. We’ve been able to crack the code and consolidate all of those functions into one single application that works seamlessly with accounting software packages like QuickBooks and Xero.”
The investment from Octopus Ventures comes as the annual revenues in the wholesale distribution sector-top £4.8tn, according to the Economic Benchmark for Wholesale Distribution (EBWD) report published by Modern Distribution Management.
Zihao Xu, Octopus Ventures Investment Manager said: “As SMBs grow, they add headcount and processes, but often instead of scaling and seeing positive growth, things can slow and a business can ultimately stall. Systum has been designed from the ground up to address all the growth challenges found in wholesale distribution, tackling this issue of scaling head on.
“We are thrilled to be welcoming Systum into our growing portfolio and supporting the fantastic team in their own growth journey, as they look to provide innovative solutions to their clients as they undertake the same pursuit.”