Oro Inc. has closed on a $13 million strategic growth financing round led by private equity firm Zubr Capital with participation from existing investor Highland Europe.
The Century City-based business-to-business e-commerce platform developer will use the money to evolve its offerings and expand into new markets.
Yoav Kutner, the chief executive of Oro, said that the company has helped hundreds of businesses – from mid-sized manufacturers and distributors to large multi-channel brands – to realize their potential, sell into new global markets, and develop effective, customer-centric digital commerce strategies.
“With this new injection of capital, we will be able to unlock even bigger opportunities, invest in our product and our amazing community, and continue to shake up the digital commerce industry for many years to come,” Kutner said in a statement.
The funding comes six years since the company last received any investor money, highlighting its capital-efficient operations and consistent revenue growth, according to a release from Oro.
The company has seen a sales volume increase across its platforms since 2021, reaching over $2.3 billion in total sales, and supporting over 3 million transactions in 2022, marking the increasing demand for its platform, the release said.
Oro has also shown its commitment to innovation with the release of OroMarketplace, a platform featuring built-in customer relationship management (CRM) software, robust application programming interfaces (API) and fully featured sales enablement tools, the release added.
Oro has three other products it offers besides the Marketplace platform: OroCommerce, the B2B eCommerce platform purpose-built for manufacturers, distributors, wholesalers and brands; OroCRM, a multi-channel CRM solution; and OroPlatform, a solution for developers of custom business applications, according to the release.
“More than any other company, they saw the enormous market potential of B2B eCommerce solutions, and under Yoav’s leadership they are positioned for rapid growth and continuing innovation in coming years,” Konstantin Zapolianski, senior investment director at Zubr Capital, said in a statement.
In addition to using the money on product innovation and expanding into new markets, the financing will also be used to support its Ukrainian employees, many of whom have been evacuated to neighboring European Union countries.
