An AI-driven eCommerce software platform with the same name as one of the country’s best known Australian financial services companies has raised $20 million.
Amp, founded in 2022, has been backed by existing investor, Singapore’s Openspace Ventures, with Sydney’s One Ventures also hitting the EFT button.
TradeGecko founder Cameron Priest and Advocately founder Patrick Barnes, founded AMP in 2022 after seeing that brands and merchants manage around 25 different apps daily to run their eCommerce stores.
Amp enables eCommerce brands to deliver smart shopping experiences, simplify and reduce their tech stack and overheads to make fast, profitable data driven decisions, and provides the tools to drive average order value (AOV) and incremental revenue onsite. It reveals marketing insights, including metrics such as return on ad spend, clarity on marketing efficiency, product mix, and customer behaviour.
The business has now raised nearly $50 million, having banked a $28.5 million Series A in September 2023. The new cash will help cover the cost of acquiring Back In Stock, a popular Shopify app for restocked notifications for customers.
Barnes, the CEO, said the acquisition means Amp can address a fundamental problem for merchants – recovering lost sales – as well as significantly bolster its AI capabilities. It also brings Back In Stock’s 25,000 customers across North America, UK, Europe and APAC into the fold.
“The $20 million capital raise and the acquisition of Back In Stock are strong indicators of our continued growth and intent to build the world’s best AI-powered platform for ecommerce merchants,” Barnes said.
“The acquisition will significantly bolster our platform, allow us to keep solving multiple problems for ecommerce merchants under one roof, and at a competitive price. Our platform model allows customers to do more with less, so it’s vital that we continue investing in it.”
His cofounder, Cameron Priest, said the platform will make significant additions to its suite of solutions in the year ahead, “along with improvements to existing solutions, more integrations and exciting partnerships, strengthening our commitment to helping ecommerce merchants drive incremental revenue and profitable growth” as well as broadening their global presence.
Openspace Ventures partner Shane Chesson, who also co-led the Series A, said the duo have a clear vision.
“Our latest investment alongside OneVentures will provide an additional influx of capital for Amp to continue investing into its AI capabilities, as well as strengthening its footprint both in Australia and overseas,” he said.
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