Leading software suite for the Amazon marketplace, Carbon6 Technologies has in a new Series A funding raised $66 million together with equity and venture debt.
The equity financial round was led by White Star Capital, a multi-stage technology venture capital firm with Kale Investment Limited, Benevolent Capital, Midcap Capital participating in the round.
MidCap Capital, pursuant to an investment management agreement, provided Carbon6’s venture debt financing.
Carbon6, a Toronto-based company with the big boost from the funding round will help to invest it in simplifying the online selling process for its various customers, with the mandate of getting more software for use by e-commerce merchants selling on the Amazon marketplace.
The startup founded by Justin Cobb, Kazi Ahmed, and Naseem Saloojee, is developing a comprehensive and integrated set of tools that would help streamline ecommerce business management, including business intelligence, inventory management, and advertising solutions.
Carbon6 with over 200,000 active users said, ‘based on cross-sell metrics and paid customer conversation with other tools, more than 50 percent of the customers of many of their tools are paying for their products’.
The company since inception in 2021 has acquired 16 software companies, and also acquired a large number of free customers with one of its recent acquisitions.
In the words of CEO of Carbon6, Justin Cobb:
“Our vision is to become the ecosystem for marketplace entrepreneurs. The Carbon6 experience goes beyond software. We’re developing the connective tissue that millions of sellers need to automate and accelerate their businesses, with the support of a broader network of entrepreneurs. We are thrilled to announce this investment and look forward to expanding our platform to serve the Amazon community.
Eddie Lee of White Star Capital was emphatic in his investment plan for Carbon6 when he said:
“The ecommerce marketplace is growing quickly but highly fragmented. We recognized that participating in this space would be an incredible opportunity, but that the next technology leader would need a veteran leadership team, the support of the Amazon seller community, and sufficient capital. Carbon6 undeniably had the first two, and we knew we could support the latter.”
Carbon 6 will also use the new funds to expand its tentacles by having operational presence in Europe and Asia, with the opening of new offices in these two continents.
The company will also seek to cater for marketplaces by looking beyond Amazon even as it begins to grow its business through hiring and M&A.
According to CEO Cobb, the company is expected to have over 20 products under it by the first quarter of next year.
