Less than a year ago, I was proud to announce Narvar’s Series A funding. Now, I’m even more thrilled to announce the closing of a $22 million Series B funding round, led by Battery Ventures and supported by Fung Capital, Accel Partners and Freestyle Capital. Along with the funding, we welcome Roger Lee, general partner of Battery Ventures onto our Board.
I started Narvar believing the post-purchase experience would become the new competitive battleground for commerce. Technology is changing consumer behaviors and expectations at an ever-accelerating pace, and it’s hard for today’s retailers to sustain that pace of innovation across all parts of the consumer journey. Faster and more convenient delivery options coupled with higher expectations for customer communications and ease-of-return make Narvar an essential partner for retailers to stay a step ahead of Amazon and new eCommerce entrants. Combining critical supply-chain expertise and fulfillment efficiency with a powerful suite of customer engagement tools, our approach has clearly resonated with the market.
In the past year, we’ve expanded our reach to over 300 brands, including Neiman Marcus, Sephora and NET-A-PORTER, exponentially growing our end-user base. Our revenue has quadrupled, and we now serve the combined online customers of 77 of Internet Retailer’s Top 300 companies. In 2016 alone, we’ve doubled headcount, and look to expand our team to over 100 by the end of the year.
This growth underscores the changing competitive landscape of e-commerce. Our customers realize Narvar empowers them with abilities previously available only to retailers with a giant technology division. As the leading post-purchase experience provider today, Narvar is positioned to define the standard by which retailers delight their customers tomorrow. With this new investment, we’ll be able to catalyze new product development, solidify customer relationships, and double down on sales and marketing.
No matter what the future holds in shopping experiences, delivery methods or customer expectations, we want Narvar to be the premier platform for customer engagement. We’ve created the beginnings of a great product, a stellar team and an incredible customer base – and are looking forward to exciting new challenges and unprecedented growth ahead.