Following a “significant capital injection” by Boston-based private equity firms Advent International Corp. and Providence Strategic Growth Capital Partners, Assembly has reached a valuation of more than $1 billion, the company announced Sept. 21.
Assembly would not disclose the size of the investment.
It said it plans to use the funding to add new features and products and expand existing ones for its ecommerce clients, acquire other companies to expand its product lines and hire more than 200 new employees in the next year.
“There are millions of ecommerce merchants globally that need world-class software to operate more profitably in an increasingly complex multichannel world,” Eric Wei, managing director of Advent’s technology team, said in a statement. “Assembly is a clear (software-as-a-service) leader in terms of market intelligence data, user community and merchant relationships.”
Founded in 2019, Assembly’s software offerings for online merchants include marketplace intelligence, performance analytics and an influencer partnership platform. Its major clients include L’Oréal and consumer goods company Unilever.
In addition to developing its own software, Assembly has in the past two years acquired five other companies, including New York-based influencer and affiliate marketing platform Refersion Inc.; San Francisco-based ecommerce analytics platform OrderMetrics; and MetaMuse Labs, a San Francisco-based company doing business as Prestozon that manages advertisements for Amazon.com Inc. sellers.
In that same period, Assembly has also launched more than 30 new products and scaled its merchants’ revenue overall by more than 125%, it said in a statement.
It declined to release its own annual revenue but said in the statement that its annual recurring revenue has grown 260% since launch.
“We are singularly focused on helping ecommerce merchants grow better by bringing together software tools and combining them with valuable content,” Sandeep Kella, Assembly’s co-founder and chief executive, said in a statement. “Our mission is to meet our customers’ needs at every stage of their growth.”
Assembly joins the ranks of Southern California unicorns such as El Segundo-based educational technology company Liminex Inc., which does business as GoGuardian, and Marina del Rey-based livestream shopping company Whatnot Inc., which have achieved valuations of more than $1 billion this year.