Paris-based B2B eCommerce SaaS platform DJUST has secured 12 million euros ($12.9 million) in a Series A growth funding round to expand into markets across Europe, the U.K. and the U.S.
The firm will also use the funds to invest more aggressively in developing solutions for its core product, according to a Monday (June 12) blog post announcing the funding.
The round was led by New Enterprise Associates, Inc. (NEA), with participation from ELAIA Partners.
DJUST’s solution is “purpose-built for B2B needs,” per the announcement, serving distributors, wholesalers and manufacturers and supporting online catalogs, B2B eCommerce and eProcurement and marketplace connectors. The company said its solution enables a frictionless buying experience, greater productivity and accelerated growth.
“We want to free all businesses of the hassle of building, launching and running B2B commerce,” DJUST founder and CEO Arnaud Rihiant said in the blog post. “That will happen when companies stop making small adjustments to outdated systems and instead embrace an integrated, modular and powerful platform. In turn, that future-proofs new growth opportunities and excellent customer service.”
Over the past year, the company has doubled its headcount from 20 to 40+ employees and more than doubled annual recurring revenue through more than 15 new deals with leading distributors and manufacturers across Europe, according to the blog post, enabling clients to quickly go from offline to online and connect all existing systems to one central platform.
“With a modern B2B Commerce solution, we can increase productivity, customer satisfaction and gain more visibility by centralizing all procurement and reassortment operations,” Arthur Caron, head of supply chain at French retailer Franprix, said in the announcement. “We can offer our franchisees a B2C-like experience.”
According to Digital Payments: Modernizing Procurement Processes, a PYMNTS and Corcentric collaboration, 31% of retailers are investing in procurement systems and 53% plan to, whereas 42% of manufacturers are already investing in upgrades to their procurement technology, with another 44% formulating these investments. That study finds that 66% of retailers and 59% of manufacturers believe modernizing their business processes is the most important reason to invest in digital procurement technology.
Additionally, PYMNTS research has found that 91% of CFOs believe digitization improved efficiency and 84% said digitized systems improved the management of working capital. These benefits were the most sought-after objectives of companies that set out on digitization efforts. In addition, an even greater share of CFOs — 96% — said improvements to AP and AR management were very or extremely important to creating a healthy balance sheet.
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