New York and San Francisco-based AppHub, a pioneering platform streamlining e-commerce for merchants across various channels such as Shopify, WooCommerce, and BigCommerce, announced a substantial investment of $95 million from growth equity firm, PSG. The latter is renowned for accelerating growth in software and technology-enabled service companies. Silversmith Capital Partners, the existing investor, will continue their fruitful partnership with AppHub.
Empowering Search: Boost Joins the AppHub Family
As part of the investment strategy, AppHub has welcomed Boost, a state-of-the-art AI-powered search and discovery tool, into its roster of software solutions. Boost empowers e-commerce merchants to expand their businesses using AI-enabled search, filtering, and personalized product recommendations, resulting in increased customer conversion and higher Average Order Value (AOV). Boost’s robust toolset has already driven over $16 billion in sales across more than 14,000 stores.
Building a Powerful Suite of E-commerce Solutions
Boost is the ninth founder-led e-commerce application to join AppHub’s family since its establishment in 2021, supported by Silversmith. AppHub had previously acquired REVIEWS.io, a leading platform for online review and User Generated Content (UGC) management. The fresh infusion of capital will be used to expand AppHub’s premier platform for attracting new customers, driving conversion, and enabling merchants to generate authentic reviews and UGC across its 100k merchants and 25 applications. The focus also extends to bolstering the company’s M&A strategy. Since its inception, AppHub has seen a staggering 20-fold increase in the number of merchants leveraging its platform.
Stepping Stones to Future Success
“Our goal has always been to shape the future of e-commerce through merchant-centric software. Now, with the backing of Silversmith and PSG and Boost’s potent AI technology under the AppHub umbrella, we are even more equipped to propel e-commerce businesses to new heights in this intricate environment,” said Kris Eng, AppHub’s Co-founder and CEO.
Matt Stone, Managing Director at PSG, commended AppHub’s unique software platform and its capability to position merchants for success in their growth journey. He expressed PSG’s eagerness to work alongside AppHub and Silversmith, foreseeing substantial opportunities for AppHub to scale its suite of mission-critical software and drive long-term growth.
AppHub’s product suite comprises over 25 solutions used by over 100,000 merchants on platforms such as Shopify, WooCommerce, and BigCommerce. They are committed to creating software that advances the future of commerce.
Sri Rao, General Partner at Silversmith, praised AppHub’s consistent growth, attributing it to the team’s commitment to product innovation and merchant success. He expressed optimism about AppHub’s future, looking forward to partnering with PSG for the next exciting phase of growth.
E-commerce enabling platform, AppHub, secured a $95 million investment from PSG. With the fund infusion, they acquired Boost, an AI-powered search tool. This move augments AppHub’s existing suite of software solutions designed to fuel e-commerce growth. The funds will also be used to expand AppHub’s customer base, increase conversion, and enhance its review and UGC services. Since its inception in 2021, AppHub has grown its merchant base 20-fold, and it aims to continue this rapid growth with the support of Silversmith and PSG.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.