When is Unicorn Bloomreach Going Public?

According to a recent report, US retail eCommerce sales grew 16% to $1.06 trillion in 2022 and is expected to grow to $2.4 trillion by 2025. The recent pandemic has accelerated the shift to e-commerce, and companies like Bloomreach are helping marketers reach this fast-growing market.

Bloomreach’s Offerings

Founded in 2009 by Ashutosh Garg, Raj De Datta, and Tjeerd Brenninkmeijer, San Francisco-based Bloomreach connects customer and product data, enabling personalized customer journeys and commerce experiences with greater impact. Its Commerce Experience Cloud offers a suite of products such as Discovery which provides AI-driven search and merchandising, Content which is a headless CMS, and Engagement which offers leading a Content Data Platform (CDP) and marketing automation solutions.

Bloomreach was set up with the belief that every online experience can be improved if it could be customized for individuals through machine learning capabilities. I spoke with Raj a few years ago about the inspiration behind Bloomreach. Ashutosh and Raj had realized that a search engine is only as good as the content it knows about. If a user is searching for something and does not get great results it is probably because the search engine does not know about the best content that is out there. To address the issue, they wanted to create a web relevance engine that will mine through the Internet, identify the best content and services out there, and deliver it in a well-structured way for discovering search engines and front doors to the Internet.

Today, Bloomreach’s solutions combine unified customer and product data with the speed and scale of AI-optimization, enabling revenue-driving digital commerce experiences that convert on any channel across the customer’s journey. It has been expanding its presence through tie-ups and product upgrades. Recently, it extended its partnership with Saint-Gobain UK & Ireland to allow it to use Bloomreach’s search and merchandising product offerings to enhance its customer experiences. Customers are provided with a personalized and relevant online experience for highly sophisticated product discovery, ensuring that the appropriate products are surfaced for each individual.

Bloomreach’s Financials

Bloomreach is still privately held and does not disclose detailed financials. It did report that its ARR grew 63% over the year to $117 million last year. The company seems close to break even, whereby it spent less than $5 million in cash last year. Its customer base has grown rapidly as well. Last year, it ended with over 1,100 brands. It is powering more than 2.2 million daily searches and is helping launch more than 100,000 marketing campaigns every day.

Bloomreach has raised $422 million in six rounds of funding led by Bain Capital Ventures, Sixth Street, Goldman Sachs Asset Management, Lightspeed Venture Partners, New Enterprise Associates, Salesforce Ventures, and Battery Ventures. Its most recent round was held in February where it raised $175 million at a valuation of $2.2 billion.

Bloomreach operates in a very crowded market. Companies like Adobe, Optimizely, Salesforce, Sitecore, and many more offer similar digital experience platforms (DXP). Recently, Bloomreach was ranked as a visionary by Gartner in the magic quadrant in the market. The company has not announced plans for a listing yet.

Photo Credit: Anastasia Gepp from Pixabay