Announces $60 Million Series A Investment Led by Silversmith Capital Partners to support product development and strategic acquisitions of eCommerce software applications that drive merchant success
NEW YORK, April 21, 2022--(BUSINESS WIRE)--AppHub today announced a new eCommerce software platform to provide an integrated suite of complementary applications that can simply, and cost effectively drive merchant success. In conjunction with the launch, AppHub announced it has received a $60 million growth investment from Silversmith Capital Partners, a Boston-based growth equity firm. The investment will support the Company’s internal development of new applications and strategic acquisitions of eCommerce application companies as it builds out its suite of best-of-breed software solutions that enable eCommerce merchants to start, grow and scale their businesses. AppHub’s platform currently serves more than 100K merchants across 20+ applications, including the recent acquisitions of six founder-led eCommerce application companies:
- Conversion Bear: full suite of conversion applications for merchants
- Nextsale: software that helps eCommerce stores convert customers through lead generation and social proof
- OrderBump: a powerful one-click upsell application that helps merchants increase average order values through checkout and post-purchase cross-sells and upsells
- Rich Returns: a full-feature returns app that enables small and large brands to automatically process returns, exchanges and refunds for their stores through their branded returns portal
- RoboTurk: a shipping address validator application that has been used by thousands of merchants to eliminate eCommerce delivery errors
- ViralSweep: software to help brands drive customer engagement through sweepstakes, contests, and other marketing campaigns
AppHub was founded by Kris Eng, Arjun Batra and Wilson Lee, who shared a vision for an integrated growth platform for eCommerce merchants. Leveraging the Company’s suite of best-in-class applications and trusted customer support, merchants are simplifying business processes and creating opportunities for growth across product categories, geographies and eCommerce platforms. AppHub partners with entrepreneurial, domain-expert eCommerce developers who are passionate about providing merchants with the technology they need to maximize their success.
"The eCommerce ecosystem has grown so fast that it’s often difficult for merchants to navigate and find the best partners and paths to grow their businesses. Our mission is to advance the future of commerce by providing a trusted toolkit that enables merchants to run their businesses better, grow faster, and deliver great products and experiences to their customers," said AppHub co-founder Kris Eng.
"With backgrounds as founders, entrepreneurs and developers in the eCommerce segment, AppHub’s leadership team truly understands the challenges and opportunities that merchants and developers face as they build their businesses," said Silversmith General Partner, Sri Rao. "We believe AppHub is well positioned to deliver the tools eCommerce merchants need to enhance the customer experience and drive growth. We are thrilled to partner with Kris, Arjun and Wilson and look forward to working with them as they continue to scale the company."
"Having the right apps in place today is key to the success of eCommerce merchants," said AppHub co-founder Arjun Batra. "We are excited to partner with the Silversmith team to realize our vision to deliver innovative software that empowers merchants to build and grow leading eCommerce businesses, enabling them to focus on doing what they love to do."
As part of the investment, Silversmith’s Sri Rao and Lyndsay Kerwin have joined AppHub’s Board of Directors along with Chris Hecht, Head of Corporate Development and Product Partnerships at Databricks, and Kris Eng and Arjun Batra, co-founders, AppHub.
Kirkland & Ellis served as legal counsel to Silversmith Capital Partners and Greenspoon Marder served as legal counsel to AppHub.
Based in New York City and San Francisco, CA, AppHub is a software platform for eCommerce merchants that brings together best-in-class software applications to drive merchant growth. AppHub’s product suite consists of more than 20 applications used by over 100,000 merchants on platforms such as Shopify, Magento, and WooCommerce. AppHub’s mission is to create software that advances the future of commerce. For more information, please visit www.apphub.com.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, DistroKid, impact.com, Iodine Software, LifeStance Health, and Webflow. The partners have served on the boards of numerous successful growth companies including ABILITY Network, Dealer.com, Liberty Dialysis, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmith.com or follow the firm on LinkedIn.
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Silversmith Capital Partners