AMP secures $20 million investment, acquires Back in Stock
E-commerce software platform AMP has secured $20 million in fresh capital and acquired the Shopify app Back in Stock.
The investment came from existing investor Openspace Ventures and new investor One Ventures and brings AMP’s total capital raised to $50 million.
“The acquisition will significantly bolster our platform, allow us to keep solving multiple problems for e-commerce merchants under one roof, and at a competitive price,” said Patrick Barnes, AMP CEO.
With the acquisition, AMP will onboard Back In Stock’s 25,000 customers across North America, the UK, Europe and Asia Pacific, including popular brands such as Skims, Kylie Cosmetics, Red Bull, Steve Madden, UGG Express, Princess Polly and Dissh.
AMP said that it sustained an annual recurring revenue growth rate of 150 per cent and saw customer footprint increase from 20,000 to 45,000 since the company’s US$18.5 million Series A in September 2023.
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