Backbone, the world’s leading cloud-based next-generation workflow suite for consumer goods companies, today announced that it has secured an additional $10 million in investment as part of Series A2 financing led by Foundry Group. This funding, combined with the $8 million backbone raised in August 2018, has led Backbone to close its Series A round with an impressive $18 million in funding over 12 months. To date, they have raised a total of $23 million in funding
In the last quarter of 2018 and the first half of 2019, Backbone used part of the investment to advance its platform and expand the growth of consumer goods industries such as fashion, furniture, home and household goods, textiles, and more. The Boulder-based company is now working with more than 150 companies, including world-leading digital native brands such as Allbirds, Warby Parker, Outdoor Voices, Uppababy, Serena & Lily, Betabrand and Parachute Home.
Backbone’s new cloud-based platform, launched in July 2019, has proven to be an energizing 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:
Is a modern SaaS offering that eliminates high pain points during the product development process, most of which are due to inadequate or outdated infrastructure.
Afford users with unprecedented opportunities for improved efficiency and growth that other PLM software and outdated tools of the past have not been able to do.
Improve cross-functional visibility and increase market speed while decreasing revision cycles and waste while seamlessly connecting all workflows and integrating with popular work-related apps like Shopify, Netsuite, and Slack.
It is the only product of its kind that empowers 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 unbelievable investment The growth of the Backbone team and our core product will continue to accelerate. It will also help us as we move forward in the middle market while generating 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 efficient. Since the beginning, we have never thought of ourselves as being up against our legacy of the incumbents. Instead, we are competing against a fast-growing consumer economy with a customer demand that is higher than ever before. “That’s right.
Backbone plans to address three key growth initiatives with additional $10 million in funding received: increasing staffing, providing up-to-date features and functionality to the Backbone platform, and solidifying their market presence. By the end of 2019, the company plans to appoint a Chief Operating Officer to double the number of employees, from 50 to more than 100 by Q2 of 2020.
“We have seen first-hand the inefficiencies and difficulties faced by direct-to-consumer brands in bringing great products to the market,” said Jason Mendelson, Foundry Group’s founding partner. “We believe that Backbone, with its modern and seamless platform experience, is the only real solution for brands to operate in a fully digital space. We’re incredibly excited to partner with them “That’s right.
Backbone PLM is a cloud-based, next generation workflow solution that streamlines the complex manufacturing process for consumer goods companies of all sizes. The all-in-one platform boosts productivity, reduces errors, improves visibility and helps companies get their products on the market faster. Backbone centralizes all information on design, development and production, making it accessible to every member of the team. It offers automated data import from clients’ own systems and data management via an intuitive and easy-to-use interface. Backbone is ready for the next innovation Visit the columnplm to learn more about how Backbone can help. Come on,
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