Systum, a Plano-based provider of a digital operating software for small- to medium-sized businesses, has raised $10.7 million in its latest round of funding.
The round was led by London-based venture capital firm Octopus Ventures. Last year, Systum reported raising $7.5 million in a Series A round led by Underscore VC with participation from Hearst Ventures, according to Crunchbase.
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Systum said that the funding will be used to add new functionality to its cloud-based software, and to expand its marketing and sales efforts. It is currently the only comprehensive and affordable software solution wholesale distribution SMBs need to run customer-facing operations.
“When you ask business owners in the wholesale distribution sector how many software applications they use to run their operations, the answer is normally between five and 10 separate applications,” Systum CEO Dean Mansfield said in a statement. “We’ve been able to crack the code and consolidate all of those functions into one single application that works seamlessly with accounting software packages like QuickBooks and Xero.”
Systum’s product combines business operations such as inventory and order management, marketing, CRM and digital commerce into a single platform, which delivers ‘Enterprise Class’ operational capabilities.
“This breaks down silos within a business and provides them with real time data and business intelligence,” Mansfield said. “It allows SMBs to offer seamless, customer-centric digital experiences that rival Amazon and eBay.”
The investment comes as the annual revenues in the wholesale distribution sector top $5.8 trillion, according to the Economic Benchmark for Wholesale Distribution (EBWD) report published by Modern Distribution Management.
“As SMBs grow, they add headcount and processes, but often instead of scaling and seeing positive growth, things can slow and a business can ultimately stall. Systum has been designed from the ground up to address all the growth challenges found in wholesale distribution, tackling this issue of scaling head on,” Octopus Ventures Investment Manager Zihao Xu said in a statement.
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