Fresh capital for Shore: In a further financing round, the Munich-based startup raised investment capital of 13 million euros. The specialist for B2B digitalization solutions was able to support the FUNKE MEDIENGRUPPE and the Growth Fund Bavaria from Bayern Kapital as investors. Other investors include entrepreneur Peer Knauer, former CEO of Versatel, and the three Zalando founders Robert Gentz, David Schneider, and Rubin Ritter.
After a successful financing round, the Munich-based startup Shore can look to the future with optimism. The cloud provider now intends to use the raised funds primarily to drive the company's further internationalization. Shore, which now has a presence in 10 European countries, intends to place greater emphasis on its still-young US business. The goal of this strategy is to become the world's leading provider of digitalization solutions for small, local service providers.
Voices on the million-dollar investment
Founder and Managing Director, Alexander Henn, on the successful financing round:
"Shore offers chain stores and SMEs the opportunity to keep pace with large corporations in terms of technology. With this new funding, we will expand our technological market leadership and launch a marketplace for smart third-party software solutions for Shore customers in 2016. This will enable us to achieve our vision of managing all digital topics, such as customer and employee management, payment flows, and automated online marketing, from a single source."
Roman Huber, Managing Director of Bavaria Capital, about the reasons for joining Shore with the Bavarian Growth Fund:
"We find Shore extremely exciting because the startup offers sophisticated products for a rapidly growing segment. The company has already proven that it continuously recognizes market requirements, precisely integrates them into cloud-based software solutions, and makes customers successful with its services. We were also impressed by the management team and the company culture. This investment is a good addition to the portfolio of the Bavarian Growth Fund."
And with Michael Wüller, Managing Director of the FUNKE MEDIENGRUPPE, another investor comments as follows:
"In addition to the consistent transition of our core journalistic business, FUNKE's digital business also has a second pillar: the development of new business areas. Shore services offer many interfaces to our existing online services for small and medium-sized enterprises and therefore fit well with our portfolio."
