Led by Harbert Growth Partners — a venture firm with offices Virginia, Alabama and Florida, Andre Golsorkhi’s company also secured support from previous investors Ascent Venture Partners and Osage Venture Partners on this round.
— Sidecar (@getsidecar) May 11, 2017
Per a company press release, the funding will let Sidecar continue to develop its machine-learning-enabled platform, which allows retailers to deploy marketing campaigns through online channels like Google Shopping, Bing Shopping and Facebook Ads. It also plans to grow staff by 40 percent in 2017, with the current headcount at 150 staffers out of its year-old Philly HQ at One South Broad and a U.K. beachhead.
According to the company, the hiring push will “draw heavily” from Philly’s tech talent pool. On the Market alert.
This Series C round brings Sidecar’s total financing to $26 million in under three years. Past investors include a roster of local investors like former GSI Commerce CEO Michael Rubin, Gabriel Investment’s Richard Vague and Ben Franklin Technology Partners.
“As Sidecar’s growth continues, I’m proud to say that it all started in Philadelphia,” CEO Golsorkhi wrote in a blog post published Thursday. “Though Philly’s tech scene is more robust than ever, there’s always chatter out there about the challenges to scaling a business anywhere outside of Silicon Valley or New York City. But we’re doing it. We’ve assembled the team, built the product, found great customers, and raised the capital needed to keep our vision alive.”
Sidecar’s growth spurt has been fueled by retailers increasing focus on ecommerce. According to a stat from The National Retail Federation, online retail will grow 8 to 12 percent this year, tripling the growth rate of retail as a whole.
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