Oro Raises $12m of Venture Funding From Highland Europe
Open-source business platform attracts venture capital round
Los Angeles, CA, March 3, 2016 (Newswire.com) - Oro, a leading global provider of open-source business platforms focusing on CRM and B2B e-Commerce has today announced $12 million in funding from Highland Europe. Oro has been bootstrapped to date and this first investment will accelerate the development of Oro’s flagship products and help to further drive international expansion in sales, marketing and partner development
OroCRM, which was launched in 2014, has rapidly established itself as a disruptive force in the CRM market. The platform’s open-source nature gives multi-channel businesses the inherent flexibility they need to tailor the product to their specific business requirements, helping them achieve a truly 360-degree view of their customers. OroCRM, delivered as SaaS or on-premise, offers robust customer management tools, detailed analytics and a broad spectrum of third party software integrations for all types of businesses, from retail conglomerates to marketing and customer service organizations.
In 2015, Oro announced and began development of OroCommerce, a pioneering B2B-focused e-Commerce software platform that will redefine the benchmarks for best-in-class customer experience practices. By providing a diverse range of capabilities such as personalization, localization, intelligent marketing tools, powerful reporting and ground-breaking segmentation, OroCommerce will deliver a truly B2C customer experience to the underserved B2B world.
"We are incredibly excited to partner with Highland Europe. This investment is real recognition of the disruptive products we are building, the exciting growth we have seen, and the team we have built."
Since launch, Oro products have been downloaded over 100,000 times, with over 40,000 active installations and in excess of 18,000 enterprise users, making it one of the world’s fastest growing open-source application suites. This success has been built with the help of thousands of developers from the open-source community actively enhancing the platform, as well as an ecosystem of partners who deliver complete solutions and key technology integrations to their customers.
Yoav Kutner, CEO and Co-Founder of Oro, said, “We are incredibly excited to partner with Highland Europe. This investment is real recognition of the disruptive products we are building, the exciting growth we have seen, and the team we have built. We are aggressively moving towards our objective of displacing expensive, inflexible and proprietary platforms to be the market leader in customer management and B2B e-Commerce applications.”
Tony Zappala, a Partner at Highland Europe who will join Oro’s Board of Directors, commented, “At Highland Europe we look to back world class entrepreneurs and companies - at Oro we have found both. In the ever complex world of CRM, Oro have not only redefined the multichannel, but have emerged as a true market leader. We are thrilled to work with the team and believe we are well placed to support Oro in achieving their ambitious international and product development objectives.”
About Oro Inc.
Oro, founded in 2012 by industry leaders in open-source business application development, is the company behind the suite of products including OroCRM, OroCommerce and OroPlatform. Prior to founding Oro, the founding and senior leadership team helped lead Magento's success and have an extensive history in e-Commerce technology.
Oro's founding team consists of Yoav Kutner, Co-Founder and former CTO of Magento, Jary Carter, former VP of Sales and Channel of Magento, and Dima Soroka, former Lead Architect for Magento. Roy Rubin, Co-Founder and former CEO of Magento, has also joined the Oro team as an advisor. Through many years of experience in commerce and CRM, Oro are committed to delivering innovative solutions that will further disrupt customer experience.
For further information, visit www.orocrm.com
About Highland Europe
Highland Europe invests in expansion stage internet, mobile and software companies demonstrating rapid growth and addressing large market opportunities. Our capital enables management teams to accelerate growth and build lasting and valuable businesses. Current investments include Malwarebytes, Matchesfashion.com, GetYourGuide, New Voice Media, Brandwatch and WeTransfer.
For more information, visit www.highlandeurope.com
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