London-based pre-ordering and waiting list platform Purple Dot has closed a $10M Series A funding round. The company enabling brands and retailers to sell products before they arrive at the warehouse in order to reduce risk to inventory, gather consumer data and optimise sales forecasting.

The round was led by OpenOcean with participation from Commerce Ventures and existing investors Unusual Ventures, Connect Ventures, Moxxie Ventures, and Paul Forster, former CEO and co-founder of Indeed. With the funding, Purple Dot will continue building its platform and expand its reach to more brands across various industries.

Recent disruptions in global trade such as the Red Sea shipping crisis have illustrated the importance of supply chain resilience for brands. By enabling brands to sell products before they arrive at the warehouse, Purple Dot helps them manage these risks and maintain sales momentum even in the face of unexpected challenges, reducing the impact of supply chain disruptions on their bottom line. The company is headquartered in London, UK, with a team of 15 spread across London and Charlotte, North Carolina.

OpenOcean’s portfolio includes a range of leading European startups such as IQM, MindsDB, Binalyze, Supermetrics and Truecaller.

CEO and co-founder Madeline Parra said: “At Purple Dot, we are on a mission to create a world where, ultimately, every product that is manufactured is sold. The current e-commerce model leaves brands waiting for stock to arrive at the warehouse before they can start selling, leading to missed sales opportunities and unsold inventory. 

“We believe the next wave of innovation will happen in the time before stock arrives, enabling brands to sell inventory no matter where it is in the world. Our pre-commerce platform puts the power back in brands’ hands, allowing them to take control of their sales timelines and maximise revenue potential. We’re thrilled to have our investors’ support as we continue to grow and empower brands to transform their e-commerce strategies.”