Stockport ecommerce platform raises £2 million from second Northern Powerhouse Investment Fund

Stockport based ecommerce platform, Shopblocks, has raised £2 million from NPIF II – Mercia Equity Finance, part of the Northern Powerhouse Investment Fund II (NPIF II).

The latest investment from NPIF II – Mercia Equity Finance – which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II), Mercia’s EIS funds, the Greater Manchester Combined Authority (GMCA) and private investors – comes as the ecommerce platform rebrands to Symphony Commerce, and launches a range of new features and functionality to target the global B2B enterprise market.

Symphony’s platform allows wholesalers, distributors, and manufacturers to create tailored e-commerce sites, customer portals and product catalogues and that can handle the scale and intricacies of B2B operations, such as managing complex customer pricing strategies, tailored discounts and personalised experiences across extensive customer bases.

Founded in 2015, the platform is now used by over 2,000 customers including Toshiba, Giacom, Daisy Telecom and Tower Housewares. The business, which employs 26 staff, has almost doubled annual recurring revenue (ARR) to £1.4 million over the past 18 months and aims to triple that within the next three years. The latest funding round, which brings the total it has raised to £6 million, will enable it to expand its presence in the global B2B enterprise market and further enhance its platform with new features and integrations.

Kevin Jones (pictured left, with co-founder Stewart Reynolds), founder and Chief Technology Officer of Symphony Commerce, said:

“With Symphony Commerce, we’re empowering our clients to outpace their competition with agility and precision, ensuring they remain leaders in their industries. This investment allows us to scale faster, expand our team, and deliver a superior customer experience.”

Mercia Ventures and the first Northern Powerhouse Investment Fund initially invested in the Stockport ecommerce platform in 2023.

Robert Hornby of Mercia Ventures added:

“Symphony Commerce solves a number of complex challenges for B2B companies that other platforms are unable to deal with. As a result it is rapidly building its customer base in the B2B sector and has the potential to become a leader in its field. With a new brand and fresh investment, we believe the right foundations are in place to help the business pursue this goal.”

Hill Dickinson provided legal advice to Symphony, while Browne Jacobson advised Mercia Ventures and Ward Hadaway advised GMCA.

The £660 million Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.