AppHub Announces $95 Million Strategic Growth Investment From PSG and Acquisition of AI-Enhanced Search and Discovery Application Boost
Fundingaims to support AppHub’s growth strategy to expand product offerings, enter new geographies and drive merchant success, both organically and through M&A
Silversmith Capital Partners to continue partnership with AppHub alongside PSG
NEW YORK – (July 25, 2023) – AppHub, an e-commerce enablement platform serving merchants across e-commerce platforms, such as Shopify, WooCommerce, and BigCommerce, today 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 (“Silversmith”), 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 (average order value). 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 20x since its initial formation.
“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.”
“AppHub’s continued growth is a testament to the team’s dedication to product innovation and merchant success,” said Sri Rao, General Partner at Silversmith. “We are encouraged by the progress to date since helping to launch AppHub in 2021 in partnership with its founders and look forward to partnering with the PSG team as the company enters an exciting next phase of growth.”
Based in New York City and San Francisco, AppHub is a software platform for e-commerce merchants that brings together best-in-class software applications to drive merchant growth. AppHub’s product suite consists of more than 25 point solutions used by over 100,000 merchants on platforms such as Shopify, WooCommerce, and BigCommerce. AppHub’s mission is to create software that advances the future of commerce. For more information, please visit www.apphub.com.
Founded in 2017, Boost works with merchants to power and optimize product discovery & navigation. To date, Boost’s app has helped over 14,000 customers build a seamless shopping experience and gain more sales using an AI-fueled search, merchandising, product filter, recommendations, and analytics platform.
About PSG Equity
PSG Equity ("PSG") is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 120 companies and facilitated over 450 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel Aviv. To learn more about PSG, visit www.psgequity.com.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Apryse, DistroKid, impact.com, Iodine Software, LifeStance Health, and Webflow. For more information, including a full list of portfolio investments, visit www.silversmith.com or follow the firm on LinkedIn.