AppHub Announces $95 Million Strategic Growth Investment From PSG and Acquisition of AI-Enhanced Search and Discovery Application Boost

AppHub, an e-commerce enablement platform serving merchants across e-commerce platforms, such as Shopify, WooCommerce, and BigCommerce,  announced a $95 million strategic growth investment from PSG, a leading growth equity firm partnering with software and technology-enabled service companies to help accelerate their growth. PSG joins existing investor Silversmith Capital Partners, which will continue its partnership with AppHub.

In conjunction with the investment, AppHub acquired Boost, an AI-powered search and discovery tool, to enhance its portfolio of software solutions that enable e-commerce merchants to launch, grow, and scale their businesses. Through AI-driven search, filtering, and product recommendations, Boost helps customers find what they’re looking for, increasing conversion and AOV. Boost has generated more than $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 collaboration with Silversmith. Before Boost, AppHub completed its acquisition of REVIEWS.io, a leading online review and UCG management platform. AppHub aims to use the new investment to further build out its leading platform for capturing new customers, increasing conversion, and helping customers create authentic reviews and user-generated content for its 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 20xsince its initial formation.

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“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,” said Kris Eng, co-founder and CEO of AppHub. “We are excited to continue our relationship with Silversmith and welcome PSG as a strategic growth partner.”

“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,” said Matt Stone, Managing Director at PSG. “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.”

SOURCE : BusinessWire