AppHub – an e-commerce enablement platform serving merchants across e-commerce platforms like Shopify, WooCommerce, and BigCommerce – recently announced a $95 million strategic growth investment from PSG. PSG joins existing investor Silversmith Capital Partners, which will continue its partnership with AppHub.
In connection with the investment, AppHub acquired Boost – an AI-powered search and discovery tool- to enhance its software solutions portfolio enabling e-commerce merchants to launch, grow, and scale businesses. And through AI-driven search, filtering, and product recommendations, Boost helps customers find what they’re looking for, increasing conversion and AOV (average order value). Boost generated over $16 billion in sales for more than 14,000 stores to date.
Boost is the ninth founder-led e-commerce application to join the AppHub suite since its founding in 2021 in partnership with Silversmith. And before Boost, AppHub completed its acquisition of REVIEWS.io, a leading online review and UCG management platform. And AppHub aims to use the new funding round to build out further its leading platform for capturing new customers, increasing conversion, and helping customers create authentic reviews and user-generated content for the more than 100k merchants it serves across more than 25 applications as well as continue to fuel its M&A strategy. The company has increased the number of merchants on its platform 20 times since its initial formation.
KEY QUOTES:
“We have been on a mission to advance the future of e-commerce through software that enables merchant success. With the support of Silversmith and now PSG, and by bringing Boost and its incredible AI-powered technology into the AppHub fold, we believe we will be even better positioned to help e-commerce businesses accelerate their growth in an increasingly complex environment. We are excited to continue our relationship with Silversmith and welcome PSG as a strategic growth partner.”
— Kris Eng, co-founder and CEO of AppHub
“The AppHub team has built what we believe is a differentiated and powerful software platform aiming to position merchants for success throughout different phases of their growth journey. We look forward to our partnership with AppHub, alongside the Silversmith team, and share in their enthusiasm for the company. We see a significant opportunity for AppHub to scale its portfolio of mission-critical software and deliver long-term growth.”
— Matt Stone, Managing Director at PSG
“AppHub’s continued growth is a testament to the team’s dedication to product innovation and merchant success. We are encouraged by the progress to date since helping to launch AppHub in 2021 in partnership with its founders and look forward to partnering with the PSG team as the company enters an exciting next phase of growth.”
— Sri Rao, General Partner at Silversmith
