Mirakl exceeds $100m in annual recurring revenue in 2021

Mirakl, the industry’s first and most advanced enterprise marketplace SaaS platform, today announced the company has reached over $100 million in annual recurring revenue with more than $4.3 billion transacted on Mirakl-powered Marketplaces in 2021. In addition, in 2021, Mirakl closed $555 million in series E funding led by Silver Lake, placing the company’s valuation over $3.5 billion – a 230% increase in one year. The success is evidence of the rapid growth of the marketplace category that Mirakl created and definitively leads, with a record number of iconic brands joining its customer roster and launching marketplaces including Macy’s, Bloomingdale’s, CMA CGM, Decathlon, and UNFI.

The great eCommerce acceleration has permanently changed buyer expectations. Today, two-thirds of consumers prefer online marketplaces over conventional eCommerce sites, guaranteeing their dominance for decades to come. To deliver on these fast-evolving expectations, the world’s top enterprises partner with Mirakl to build and scale their own online marketplaces. In 2021, 80 new customers signed with Mirakl, including numerous Global 2000 companies, and 66 new marketplaces were launched.

“It’s our job to create the best experience for customers, no matter how their shopping behaviors change over time,” said Matt Baer, Macy’s, Inc. chief digital and customer officer. “As we thought about the evolution of our digital growth and the digital business, a natural next step was to build and launch a curated digital Marketplace to serve our customers. The Marketplace with our partner Mirakl will enable additional breadth and depth in our core categories, while also allowing us to more easily move into new or adjacent categories.”

Major Mirakl business highlights for 2021 include:

  • Signing 80 new customers across industries worldwide, including marquee global brands Macy’s, Bloomingdale’s, and Reitmans, while launching 66 new marketplaces for organisations including CMA CGM, UNFI, Shop Apotheke, Debenhams by boohoo group, Decathlon across 10+ countries, The Bay, Fanatics, Dotz Inc., and Click Central.
  • Being recognised as a leader in The Forrester New Wave™: Marketplace Development Platforms Q4 2021 report. Forrester’s analysis found that The Mirakl Marketplace Platform received a differentiated rating – the highest score possible – in nine out of the 10 assessed criteria, including vision, market approach, roadmap, architecture, operations management, customer management, seller management, pricing and fee schedule, and physical product catalog. Mirakl was the only vendor to receive a differentiated rating in nine criteria, which we believe demonstrates the strength of the Mirakl Marketplace Platform.
  • Acquiring Octobat, a French startup specialising in invoice compliance for enterprises throughout the world. The acquisition, Mirakl’s first, will make it easier for Mirakl-powered Marketplace operators to manage local and global regulations as they expand and operate across multiple geographies.
  • Driving a 47% year-over-year increase in GMV across Mirakl-powered Marketplaces during the week of Black Friday, when traditional eCommerce worldwide was either flat or in decline. As orders surpassed 2.2 million and API calls reached 1.3 billion, The Mirakl Marketplace Platform maintained 100% uptime proving its stability and scalability even under unprecedented demand.
  • Expanding its global team with 362 new hires in 2021 to support accelerating growth, while announcing plans to hire 1,700 employees over the next 3 years. The company made key strategic hires across the organisation and further bolstered the management team with the senior recruitments of Andy Barker, Isabelle Bénard, Sophie Marchessou, and Marc Teulières. Mirakl also opened new offices in New York and Singapore and hired regional experts to support the rapid growth of its global footprints across EMEA and APAC. 
  • Accelerating Mirakl’s global growth by joining Adobe’s Exchange Partner Program as a Premier Partner to power eCommerce growth for enterprises across industries, signing new partners including Nagarro and Positive Thinking Company in APAC, and extending global partnerships with Capgemini and Cognizant.

The company advanced the technical and product leadership of its industry-defining SaaS platform. With innovations in key areas in 2021, only Mirakl continued to help enterprises launch faster, grow bigger, and operate with confidence to scale and dominate their industries. New enhancements include:

Launch faster

  • Mirakl Connect: Mirakl’s high-quality ecosystem of hand-selected third-party sellers grew in 2021, bolstering the power of Mirakl Connect, the global marketplace ecosystem bringing together sellers, partners and Mirakl-powered Marketplaces, and enabling online marketplaces to vastly accelerate time to market. The Mirakl Shopify App, which helps sellers connect Shopify stores to Mirakl-powered Marketplaces, has grown to include more than 2,000 users enabling streamlined order management. With the launch of the new Customer Care Dashboard, sellers can now manage customer messages from all Mirakl-powered Marketplaces in one place. Industry-first catalog matching tools using a machine learning algorithm to help sellers identify and prioritise connecting with marketplaces already selling products in their catalog, eliminating the need to map product data. 
  • Unified drop ship and marketplace operations: For the first time, Mirakl now enables enterprises to easily manage drop ship and marketplace programs together from a single platform. Mirakl’s scalable drop ship solution helps businesses grow faster by managing vendors and catalogs more easily and efficiently than traditional drop ship methods, while at the same time expanding into new categories by adding new third-party sellers with a marketplace.

Grow bigger

  • Categorisation AI: A new intelligent algorithm in Mirakl Catalog Manager analyses product catalogs and recommends improvements to categorisation, helping marketplace operators grow their assortment faster with higher quality and less manual effort. 
  • Streamlined B2B selling: Customer profile management and segmentation allow organisations to streamline B2B selling, while a new partnership with PunchOut2Go enables buyers to connect their eProcurement systems to the marketplace, increasing access to B2B digital buyers and improving purchase experiences.
  • Alerts and dashboards: Advanced alerting and suspension rules enables customers to manage quality control with speed and scale and enforce SLAs when sellers fall out of compliance. New performance dashboards for marketplace operators and sellers provide an at-a-glance view into all marketplace activities to support faster, more efficient growth. 

Operate with confidence

  • Enhanced order management and operations: New innovations enable customers to optimise data quality and compliance even more efficiently. Webhooks for offers, orders and shipments ensure updates are captured in real time, while more advanced shipping estimates with configurable business working days and holidays make it easier for operators to estimate lead times with precision. And with new connectors to Vertex and Taxdoo, Mirakl is making tax compliance easier. 
  • Security: Mirakl now has ISO 27018 certification and listing as a CSA Trusted Cloud Provider, placing Mirakl at the forefront of industry compliance with enterprise-grade security credentials.

“2021 proved that there is no stopping the growth of the marketplace economy,” said Philippe Corrot, co-founder and CEO, Mirakl. “As we look ahead to 2022, there’s no question that marketplaces will play an integral role in every business’ eCommerce strategy. Marketplaces will soon provide a 360 degree solution, and we see Mirakl at the center of that offering.”

“We are proud to support the continued success of Mirakl’s fast-growing community of market-leading Platform Pioneers, who are using their marketplaces to meet buyers’ growing demands for anything, anytime, anywhere,” said Adrien Nussenbaum, co-founder and co-CEO, Mirakl. “In 2022 we look forward to equipping our customers to elevate their success even further as their marketplace initiatives are recognised as strategic drivers of growth across board rooms and global financial markets.”