Australian e-commerce startup AMP raises $20m, buys Shopify app

The news: Australian e-commerce software platform AMP has secured $20 million in new funding from Openspace Ventures and One Ventures, while simultaneously acquiring Shopify app Back In Stock. The company plans to integrate Back In Stock's restock notification technology into its AI-driven platform.

The numbers: The latest funding brings AMP's total capital raised to $50 million. Back In Stock has facilitated over 300 million restock notifications and helped merchants recover more than $2.8 billion in potential lost revenue. AMP has maintained an annual recurring revenue growth rate of 150% year on year and expanded its customer base from 20,000 to 45,000 since its $28.8 million Series A round in September 2023.

The context: The acquisition adds major brands including SKIMS, Kylie Cosmetics, Redbull, Steve Madden and Australian retailers UGG Express, Princess Polly and DISSH to AMP's portfolio. The move enhances AMP's ability to help merchants recover lost sales and strengthens its AI capabilities through access to extensive buyer intent data.

What they said: "The AUD $20 million capital raise and the acquisition of Back In Stock are strong indicators of our continued growth and intent to build the world's best AI-powered platform for e-commerce merchants," said AMP chief executive officer Patrick Barnes. "Our platform model allows customers to do more with less, so it's vital that we continue investing in it."