E-commerce software platform AMP has secured $20 million in fresh capital and has leveraged stellar business growth to acquire retail app Back In Stock, in a move that will bring on board the Shopify tool’s 25,000 customers globally.

Led by Aussie co-founder Patrick Barnes and not to be confused with the Australia-born funds management group of the same name, the Singapore-based AMP has secured the new funding from existing investor Openspace Ventures and new investor One Ventures, bringing the company’s total capital raised since inception in 2022 to $50 million.

The acquisition of Back In Stock, a popular app supported by Shopify that alerts customers to stock items that have returned to online retail shelves, will help AMP to better address a “fundamental problem for ecommerce merchants” in the recovery of lost sales while also bolstering the company’s artificial intelligence (AI) capabilities.

Back In Stock, an app developed by Singaporean company HEL SG Pte Ltd, is said to have sent more than 300 million restock notifications to shoppers and helped merchants recover more than $1.8 billion in revenue that would have been lost due to stockouts.

Financial details of the acquisition have not been disclosed, but AMP says the integration of Back In Stock will enable the company to transform buyer intent data into “actionable insights that power real-time personalisation and conversion optimisation”.

AMP’s platform provides merchants with key metrics such as return on ad spend, clarity on marketing efficiency, product mix, customer behaviour and actionable insights on what profitability levers to pull. It also provides intuitive tools to enhance the onsite experience and performance.

The company says that in addition to expanding its product offerings, the acquisition of Back In Stock will bring on board the app’s 25,000 customers across North America, UK, Europe and the Asia-Pacific region – among them Kardashian-owned SKIMS and Kylie Cosmetics, as well as Redbull, Steve Madden and Australian brands such as UGG Express, Princess Polly and DISSH.

Founded by seasoned entrepreneurs Cameron Priest and Patrick Barnes, AMP has achieved significant growth since its US$18.5m ($29.45 million) Series A capital raise was completed in September 2023.

The startup has achieved growth in annual recurring revenue of more than 150 per cent which has been driven by a doubling of its customer footprint from 20,000 to about 45,000 in the past year.

“The $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 ecommerce merchants," says Barnes, the Sydney-based CEO of AMP.

“The acquisition will significantly bolster our platform, allow us to keep solving multiple problems for ecommerce merchants under one roof and at a competitive price. Our platform model allows customers to do more with less, so it’s vital that we continue investing in it.”

Barnes co-founded lead generation platform Advocately in 2016 before exiting in 2019 but had been working with Priest at his former startup TradeGecko since 2013 before the partners established AMP in 2022.

Priest says that through the acquisition and the latest capital raising, AMP will be able to dramatically increase its offering to clients.

“Over the next year, the AMP platform will see significant additions to its suite of solutions, along with improvements to existing solutions, more integrations and exciting partnerships, strengthening our commitment to helping ecommerce merchants drive incremental revenue and profitable growth, as well as broadening our presence across North America, Europe and APAC,” he says.

“This move underscores AMP's commitment to providing cutting-edge solutions to the most ambitious and fastest growing brands in the world.”

Existing investor Openspace Ventures, which co-led AMP’s Series A in 2023, says the pumped up investment in the company has been driven by the “clear vision” outlined by the company’s founders.

“Our latest investment alongside OneVentures will provide an additional influx of capital for AMP to continue investing into its AI capabilities, as well as strengthening its footprint both in Australia and overseas,” says Openspace ventures partner Shane Chesson.

“The company’s traction since the previous funding round has been significant and we’re confident that the next period can continue on the same trajectory.”

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