Gresham House Ventures leads £5mn round in e-commerce innovator Patchworks
Gresham House Ventures has led a £5mn investment round in e-commerce platform Patchworks as the business continues its rapid growth.
Founded in 2014, Patchworks offers an innovative software platform that connects key e-commerce systems including shopfront, ERP, CRM and warehouse management, enabling businesses to streamline the integration of their technology stack.
Gresham House Ventures first invested in Patchworks in 2021 via its Baronsmead venture capital trusts and has made four follow-on investments since, enabling the business to strengthen its product offering and win major enterprise clients. Patchworks has grown rapidly in recent years, delivering 36% revenue growth in its last financial year and significantly increasing its market share as businesses shift away from rigid legacy systems.
This latest funding round, which also included growth lending from Palatine Growth Credit, will be used to support an expansion in the US market for Patchworks, as well as strengthening its partner delivery model and further enhancing the capabilities of its platform.
The investment follows a busy period of activity for Gresham House Ventures including a £5mn follow-on investment into SecureCloud+, a provider of specialist IT solutions to the defence and government sector. This followed an investment into specialist legal services firm Greenwoods, an exit from clinical trials business Panthera Biopartners, and a £4.1mn investment into AI marketing analytics platform ASK BOSCO.
Caroline Tulloch, consultant at Gresham House Ventures, said:
“We have been impressed with Patchworks’ exceptional growth following our previous investments, so we are excited to be building on the company’s momentum with this latest deal. Patchworks has built an outstanding management team and a best-in-class product, positioning the business for further growth over the coming years as the shift towards ecommerce and demand for integrated software solutions continues to increase.”
Jim Herbert, CEO of Patchworks, said:
“Gresham House Ventures has played a vital role in Patchworks’ growth in recent years, enabling us to develop a truly sector-leading platform and take on a wealth of new customers. Now, with demand continuing to grow, this latest funding round will enable us to further enhance our offering with new AI features and bring our platform to a new market in the US.”
