The developer of OroCommerce and other digital technology for deploying market places and customer relationship management systems says it will use the funds to further develop its products and expand its reach in the United States and other markets.
Oro Inc., which provides open-source software for B2B ecommerce and CRM applications, received $13 million recently in strategic growth funding. Among its goals: expanding its presence in the United States as it further develops its products.
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The Los Angeles-based company is known for its integrated ecommerce and CRM software platforms. Online sellers can use it to tailor the ecommerce experience according to customer account activity. It also provides marketplace ecommerce software integrated with CRM. Former executives of the Magento ecommerce platform now owned by Adobe Inc. founded Oro just over 10 years ago.
Oro will use the new funding to continue developing its technology and expand its market presence, particularly in the United States, says Yoav Kutner, founder and CEO. Zubr Capital led the funding round, which included Highland Europe.
Oro’s funding to date is now at $25 million, including its first round of $12 million received in 2016. The company’s open-source software technology is designed to let software developers access its core software code to customize it.
Oro’s clients include manufacturer Dunlop Protective Footwear, chemicals distributor Azelias, and industrial products distributor Lawson Products. The vendor says it has more than 40,000 technology installations across more than 100 countries. It adds more than 5,000 installations annually. Next year, Oro says, it will launch a North American version of the OroVibe user conference it has held in Europe.
“They saw the enormous market potential of B2B ecommerce solutions, and under Yoav’s leadership, they are positioned for rapid growth and continuing innovation in coming years,” says Konstantin Zapolianski, senior investment director at Zubr Capital.
Oro says the new funding will also “enhance Oro’s continuing support of its Ukrainian employees, many of whom have been evacuated to neighboring EU countries. Oro is committed to providing safety and stability to its employees and their families, and has created a charitable fund to deliver aid packages and shelter for people affected by the invasion of Ukraine.”