Shopblocks Rebrands to Symphony Commerce Amid £2m Funding Boost
Deal News | Feb 04, 2025 | Mercia Fund Management (Mercia Ventures)
Symphony Commerce, originally known as Shopblocks, has secured a £2 million investment from NPIF II Mercia Equity Finance, managed by Mercia Ventures, along with the Greater Manchester Combined Authority and private investors. This latest round propels the Stockport-based company's efforts to enhance its position in the global B2B enterprise market by launching new features and enhancing its platform. With a clientele of over 2,000, including significant firms like Toshiba and Daisy Telecom, Symphony aims to triple its ARR within the next three years. Hill Dickinson and Browne Jacobson were among the legal advisors involved in this funding round.
Sectors
- Digital Commerce
- Private Equity
Geography
- United Kingdom – The companies and funding activities mentioned in the article are based in the United Kingdom, specifically focused on the Northern regions.
Industry
- Digital Commerce – The article revolves around Symphony Commerce, which delivers tailored digital commerce solutions for B2B enterprises.
- Private Equity – Mercia Ventures, a private equity firm, made a significant investment in Symphony Commerce.
Financials
- £2 million – The amount raised by Symphony Commerce in the latest investment round.
- £1.4 million – Symphony Commerce's current annual recurring revenue (ARR), which it aims to triple in the next three years.
- £6 million – The total funding Symphony Commerce has raised to date.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Symphony Commerce | Target company | Company | Formerly known as Shopblocks, this company specializes in digital commerce solutions for B2B enterprises. |
| Mercia Ventures | Private Equity firm | Company | A private equity firm that manages the Northern Powerhouse Investment Fund and supports growing businesses. |
| NPIF II Mercia Equity Finance | Investor | Company | Part of the Northern Powerhouse Investment Fund, providing equity finance to support small and medium-sized enterprises. |
| Greater Manchester Combined Authority | Investor | Government | A governmental body involved in providing funding support to regional businesses. |
| Hill Dickinson | Legal advisor | Company | Provided legal advisory services to Symphony Commerce during the funding round. |
| Browne Jacobson | Legal advisor | Company | Provided legal advisory services to Mercia Ventures. |
| Ward Hadaway | Legal advisor | Company | Provided legal advice to Greater Manchester Combined Authority. |