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- Shop Circle
Shop Circle Funding, Investors & Competitors
Shop Circle has raised $285M across 4 funding rounds, most recently a $100M Series B in February 2025.
Last Shop Circle funding round
$100M
Series B · Feb 2025
Cumulative funding Shop Circle raised
$285M
across 4 funding rounds
Key investors in Shop Circle
NFX
QED Investors
645 Ventures
Avonmore Developments
CDP Venture Capital
Firstminute Capital
Primo Capital
3VC
About Shop Circle
Shop Circle is a software suite for Shopify merchants enhancing customer engagement, operations, and conversions. Based in Oslo, Norway, it includes apps like ReConvert upsell funnels and SMS marketing tools adopted by thousands of stores in fashion and DTC brands.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Shop Circle Funding History
Shop Circle has raised a total of $285M across 4 funding rounds.
Shop Circle's first fundraising round was a pre-seed round in May 2021. The most recent completed round was a $100M Series B in February 2025.
Shop Circle funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2025 | Series B | Nextalia (lead) | $100M | Shop Circle is a London-based provider of AI-powered B2B software solutions, specializing in the Shopify ecosystem to help entrepreneurs and retailers streamline online and offline sales through tools that enhance customer engagement, optimize operations, and drive conversions. The company integrates deeply with Shopify, positioning itself as one of the largest providers in the Shopify app store, offering a unified suite that addresses e-commerce challenges like supply chain, inventory, and marketing via built or acquired apps. On February 25, 2025, Shop Circle closed a $60 million Series B funding round led by Nextalia Ventures, with participation from Endeavor Catalyst, NFX, QED Investors, 645 Ventures, 3VC, CDP Venture Capital, The Techshop, Primo Capital, GS Futures, and i80 Group. Funds were intended to drive AI-powered B2B software innovation, broaden offerings, expand into adjacent verticals, and pursue targeted acquisitions. In September 2025, Shop Circle extended the Series B to $100 million, combining the $60 million equity with strategic financing, led by Nextalia Ventures and including Primo Capital, CDP Venture Capital (Digital Transition Fund), 645 Select Fund, FNDX, FG2 Capital, and entrepreneurial family offices. The extension aimed to accelerate an M&A roadmap already with multiple deals in advanced stages and further develop its AI-driven product portfolio. Nextalia highlighted Shop Circle's model of organic growth and consistent acquisitions over four years as key to its potential as a leading European technology company. The company has raised prior rounds including Series A extensions totaling over $245 million previously, focusing on scaling AI capabilities and operations, with investors praising its innovative approach to enterprise software and e-commerce infrastructure. |
| Sep 2023 | Series A | 3VC (lead); 645 Ventures (lead); Primo Capital; QED Investors; CDP Venture Capital; NFX; The Techshop; BlackSheep Ventures | $120M | Shop Circle, a London-based one-stop-shop software provider for e-commerce brands, raised $120 million in its Series A funding round on September 6, 2023, led by 645 Ventures and 3VC, with participation from QED Investors, NfX, and a credit facility from i80 Group. The funding combined equity and debt to support expansion of its suite of e-commerce tools, including AI-driven applications for automation, tech stack optimization, and customer-facing solutions to help brands scale. Founded by Luca Cartechini and Gian Maria Gramondi, who were named to Forbes’ 30 Under 30 Europe Technology list in 2022, the company reported 360% year-over-year growth and had been profitable for 11 months prior to the round, though specific revenue or ARR figures were not disclosed. The investment enables Shop Circle to build a comprehensive operating system for e-commerce, addressing the increasing complexity of software tools used by online merchants, which reportedly grew five times in the last five years. Key initiatives include proprietary AI tools for core operations, a data-driven tech stack review program to reduce costs and boost conversions, and positioning as a leading SaaS platform for the next wave of commerce brands. Investors highlighted the team's execution and potential to shape e-commerce enablement. Post-Series A, Shop Circle pursued further growth, including a Series B round extended to $100 million by early 2025 with $60 million in equity, focusing on AI-powered B2B software, M&A like the Aiden acquisition, and 110% year-over-year revenue growth in that period, alongside a $100M credit facility for acquisitions. However, details for the 2023 Series A remain limited to the amount raised and growth narrative without valuation or financial metrics. |
| Jun 2022 | Series A | NFX (lead); QED Investors (lead); Firstminute Capital; 645 Ventures; Avonmore Developments | $65M | Shop Circle is a technology-driven company that operates as the first operator of e-commerce tools, building a one-stop-shop platform initially focused on Shopify merchants by acquiring and networking top apps to provide integrated solutions for customer acquisition, conversion, loyalty, and personalized journeys. Co-founded in 2021 by Luca Cartechini and Gian Maria Gramondi, it exited stealth in June 2022 with a $65 million funding commitment comprising equity and debt, led by NFX and QED Investors, with participation from 645 Ventures, Firstminute Capital, and Triple Point Capital for venture debt. The funds were intended to scale operations, grow the portfolio of e-commerce apps, and more than double headcount by year-end. The round, described variably as seed, three rounds totaling $65M, or early Series A equivalent, leveraged Shopify's network of over 1.5 million merchants across 175 countries, where 38% of the top 1 million e-commerce sites are hosted, amid a fragmented market of over 7,500 apps. Shop Circle partners with operators and developers to acquire businesses or integrate teams, aiming to create a trusted brand for merchants' full suite of tools. Investors like NFX highlighted the opportunity in e-commerce's secular growth and Shopify's expansion, while QED noted parallels to streamlined digital financial services. Subsequent rounds included a 2023 Series A of $120M led by 645 Ventures and 3VC, and Series B extensions in 2025 totaling around $100M-$160M with later investors, but traction post-2022 showed over 100,000 customers and 360% YoY growth by 2023, plus 110% revenue growth noted in 2025 contexts without specifics for 2022. |
| May 2021 | Pre-seed | Avonmore Developments | - | Avonmore Developments provided pre-seed funding to Shop Circle in May 2021, before the company emerged from stealth. The size of the round and the other participants were not disclosed; Shop Circle raised roughly $1.5 million in its first year of trading. Avonmore invested again in the round announced on 28 June 2022, when Shop Circle came out of stealth with $65 million raised. Shop Circle acquires and operates business-to-business e-commerce applications, principally in the Shopify ecosystem, and consolidates them into a single operating system for online merchants, earning recurring subscription revenue from the apps it owns. The company was founded by Luca Cartechini and Gian Maria Gramondi, went on to raise a $60 million Series B led by Nextalia Ventures in February 2025 and now trades as Circeus. |
Who has invested in Shop Circle?
11 investors have backed Shop Circle across its funding rounds, including NFX, QED Investors, 645 Ventures, Avonmore Developments, CDP Venture Capital and Firstminute Capital.
Lead investors include Nextalia, 3VC, 645 Ventures, NFX and QED Investors.
Shop Circle Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2022 | ||
| 2 | Lead | Jun 2022 | ||
| 2 | Lead | Jun 2022 | ||
| 2 | Participant | May 2021 | ||
| 1 | Participant | Sep 2023 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Lead | Sep 2023 | ||
| 1 | Participant | Sep 2023 | ||
| 1 | Lead | Feb 2025 | ||
This data is available for Pro users. Sign up to see all 11 Shop Circle investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Shop Circle
Shop Circle has acquired 5 companies to date.
Last acquisition by Shop Circle was on July 21st 2026. Shop Circle acquired Dondy for undisclosed valuation.
Latest Acquisitions by Shop Circle
| Description | Dondy is a subscription tool that links Shopify stores to WhatsApp for automated notifications, segmented campaigns, and AI-assisted chat handling. | - | FIFTYPOINT6 is a Melbourne-based B2B wholesale platform launched in 2016 connecting fashion brands with retailers across Australia and New Zealand. It offers inventory management, order processing, and analytics for over 1,000 suppliers and 10,000 buyers. The marketplace handles $100 million in annual transactions, focusing on apparel and accessories with next-day shipping from Sydney warehouses. | Aiden is a guided selling solution for e-commerce webshops at aiden.cx, featuring product finders, category pages, search functions, and checkout systems that direct customers to suitable products without developer assistance across European markets. | |
| HQ Country | |||||
| HQ City | Tel Aviv | Barcelona | London | Utrecht | |
| Deal Date | 21 Jul 2026 | 2 Aug 2025 | 28 Mar 2025 | 13 Nov 2024 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Shop Circle acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Shop Circle Competitors
Shop Circle competitors include listed companies like Rezolve AI, Litium and Bridgeline Digital, and private ones like Bloomreach, Automattic and Attentive.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $150M | - | $2.2B | 14.7x | ||
| Publicly listed | $47M | ($109M) | $950M | 4.0x | ||
| Publicly listed | $8M | $2M | $20M | 1.9x | ||
| Publicly listed | $15M | ($2M) | $11M | 0.7x | ||
| Private | $45M | - | $7.5B | - | ||
| Private | $125M | - | $6.9B | 55.2x |
Shop Circle Public Comps
Shop Circle is still privately-owned, but its public comps include Salesforce, Shopify, GoDaddy, HubSpot, Zeta Global, Pegasystems, Klaviyo, Lumine Group, Wix.com and Freshworks.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $42B | $13B | 5.5x | 5.2x | 17.8x | 12.2x | |||
| $12B | $1.2B | 13.9x | 11.3x | 132.9x | 61.9x | |||
| $5B | $1.3B | 3.1x | 2.9x | 11.7x | 8.9x | |||
| $3.1B | $140M | 3.3x | 2.9x | 73.7x | 12.1x | |||
| $1.3B | $39M | 5.8x | 4.5x | 191.0x | 20.3x | |||
| $1.7B | $294M | 3.2x | 3.1x | 19.2x | 11.3x | |||
| $1.2B | ($51M) | 3.1x | 2.6x | (74.0x) | 16.7x | |||
| $766M | $278M | 5.3x | 4.2x | 14.4x | 12.6x | |||
This data is available for Pro users. Sign up to see all Shop Circle competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Shop Circle
| When was Shop Circle founded? | Shop Circle was founded in 2021. |
| Where is Shop Circle headquartered? | Shop Circle is headquartered in London, United Kingdom. |
| Is Shop Circle publicly listed? | No, Shop Circle is a private, VC-backed company. |
| How much funding has Shop Circle raised? | Shop Circle has raised $285M across 4 funding rounds. |
| What was Shop Circle's last funding round? | Shop Circle's last funding round was a $100M Series B in February 2025, led by Nextalia. |
| Who are Shop Circle's investors? | Shop Circle's investors include QED Investors, NFX, 645 Ventures, Avonmore Developments, Primo Capital, Firstminute Capital, 3VC, CDP Venture Capital, Nextalia, The Techshop and 1 other. |
| Which companies are comparable to Shop Circle? | Companies comparable to Shop Circle include Bloomreach, Rezolve AI, Litium, Bridgeline Digital, Automattic and Attentive. |
| How many companies has Shop Circle acquired? | Shop Circle has acquired 5 companies, including Dondy, KrakenD, FIFTYPOINT6, Aiden and Rush. |
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