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J.P. Morgan Provides $30MM Credit Facility to Bloomreach

October 05, 2022, 07:38 AM
Filed Under: Technology
Related: J.P. Morgan

Bloomreach entered into a $30 million, three-year credit facility with J.P. Morgan, further strengthening the company's financial position as it continues to scale its commerce experience solutions to businesses worldwide. The $30 million base facility includes an accordion that may permit up to $130 million in borrowing, and follows a $175 million equity investment announced by the company in February 2022.

"This credit facility, from a leading global financial services firm, not only provides an additional opportunity to accelerate our journey toward building the future of commerce experiences, but also further validates the strategy we've put in place to get there," said Raj De Datta, co-founder and CEO, Bloomreach. "Coming off of our $175 million funding round earlier this year, we believe Bloomreach is in the strongest financial position to deliver what businesses today need most — magical digital experiences that drive measurable results."

"We're delighted to support Bloomreach's strategic growth as it continues to expand its digital solutions for businesses across the globe," said Adam Prescott, Technology & Disruptive Commerce Relationship Executive within J.P. Morgan's Middle Market Banking & Specialized Industries business. "J.P. Morgan's deep industry expertise, world-class treasury platform and global banking capabilities mean we are well positioned to serve Bloomreach's needs as a rapidly growing, global business, and demonstrates our continued commitment to the Innovation Economy."

This line of credit follows a quarter of significant achievements and momentum for Bloomreach. In addition to driving continued success for its customers — including notable results for Benefit Cosmetics and boohooMAN — the company was recently named to the 2022 Inc. 5000 Fastest Growing Private Companies in America list, received the SaaS Award for Best SaaS Product for E-Commerce and E-Shops, and was also certified as a Great Place to Work in the U.S.

"These past two years have been filled with remarkable growth for Bloomreach and our customers," De Datta continued. "Even so, we continue to believe that the best is yet to come. We're incredibly energized by the opportunities ahead."

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