Akinon, a cloud-based headless commerce platform focused on major retailers and consumer brands, raised USD 20m in a Series B funding round co-led Actera Group and Revo Capital, with participation from SmartFin Capital and Endeavor Catalyst.
Akinon’s software, with its API first architecture, streamlines retail sales via online channels as well as physical stores, and provides end-to-end support in managing orders, user experience and customer data. As a cloud-based solution provider supporting digital transformation of leading global brands, Akinon has been a sought-after partner for numerous retailers across 17 countries, including Turkey, Russia, Ukraine, Poland, Hungary, Czech Republic, and Greece.
Akinon’s customer base ranges from small-to-medium size enterprises to larger clients with USD 1bn in revenue. At its home market Turkey, company serves around half of the top 100 retailers such as Lacoste, Marks & Spencer, Sephora, and Gap. The company charges a commission based on the gross merchandise value and managed USD 315m in GMV in 2020, growing at a rate of more than 150% year-over-year and plans to increase its annual GMV to more than USD 1bn in 2022.
Series B proceeds will be used to enhance global competitiveness of its services, boost its service quality, and step up its global growth by expanding into MENA, Eastern Europe and Asia.
Akinon co-founder and CEO Tolga Tatari commented on the funding: “We continue to work very hard with our strong team of 400 and plan to double that number in 2022. Our goal is to double our revenue next year by expanding in new regions where we plan to establish and work with local partners.”
The retail sector is on the inflection point in the history of retail where the distinction between online and brick-and-mortar retail has disappeared. More than ever businesses need effective and efficient ways to sell through multiple channels and plan to invest even more in the tools and experiences that will unite their digital and physical operations. Akinon helps its customers make the most of e-commerce enablement at a time when their traditional retail businesses have been disrupted, by dramatically expanding their revenue and market potential.
Tatari and his two co-founders, Ahmet Sari and Cagri Orcan are previously also founders of Markafoni, the leading e-commerce company of Turkey, which was acquired by Naspers in 2014.
Actera Group expressed their excitement: “We are excited to be backing a very experienced team in omnichannel commerce, and be a part of Akinon’s next phase of growth in Turkey and in international markets.”
Revo Capital’s Founding Partner & Managing Director Cenk Bayrakdar commented: “We are big believers in the strength of the management team to execute their vision to revolutionize commerce through its cloud-based omnichannel experience platform with an expanding set of tools and features.”
SmartFin Capital’s Founding Partner Jurgen Ingels said: “We are just at the beginning of the cloud-based commerce platform revolution and we believe that Akinon has the technology and the experience to become one of the world leaders in that segment. This new capital round will allow us to increase our internationalization and service even more global companies.”