New York, USA-based, an e-commerce enablement platform serving merchants across e-commerce platforms, AppHub raised USD 95 million as a strategic growth investment. The company announced the investment on July 25, 2023. PSG, a leading growth equity firm partnering with software and technology-enabled service companies, led the financing for the company. Meanwhile, existing investor Silversmith Capital Partners joined in the funding.
In addition to the funding, AppHub also announced the acquisition of Boost. The latter is an AI-driven search and discovery tool.
Purpose of financing for AppHub
With the latest investment, AppHub seeks to support its growth strategy to expand product offerings. It also has plans to enter new geographies and drive merchant success. The company seeks to achieve this both organically and through M&A.
What the company’s officials have to comment
Kris Eng, co-founder and CEO of AppHub, said, “We have been on a mission to advance the future of e-commerce through software that enables merchant success. With the support of Silversmith and now PSG, and by bringing Boost and its incredible AI-powered technology into the AppHub fold, we believe we will be even better positioned to help e-commerce businesses accelerate their growth in an increasingly complex environment. We are excited to continue our relationship with Silversmith and welcome PSG as a strategic growth partner.”
What the investors have to comment
Matt Stone, Managing Director at PSG, further said, “The AppHub team has built what we believe is a differentiated and powerful software platform aiming to position merchants for success throughout different phases of their growth journey. We look forward to our partnership with AppHub, alongside the Silversmith team and share in their enthusiasm for the company. We see a significant opportunity for AppHub to scale its portfolio of mission-critical software and deliver long-term growth.”
Sri Rao, General Partner at Silversmith, further said, “AppHub’s continued growth is a testament to the team’s dedication to product innovation and merchant success. We are encouraged by the progress to date since helping to launch AppHub in 2021 in partnership with its founders and look forward to partnering with the PSG team as the company enters an exciting next phase of growth.”
About the company
Arjun Batra, Kristofer Eng, and Wilson Lee launched the company in 2021. AppHub is a software platform for e-commerce merchants that brings together best-in-class software applications to drive merchant growth.
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