Blackstone Growth leads EUR 500m round for Relex Solutions

Relex, whose data-driven software automates and optimizes supply chain and merchandising for retailers and consumer packaged goods companies, will use the capital to recruit developers and experts within its technical team.

The company has been acquisitive over the past years, with deals such as the purchase of UK-based Galleria in 2016 and Spain-based Forecast Solutions in 2018. In October 2019, Unquote's sister publication Mergermarket reported that Relex was looking to buy software businesses in Europe to boost product development. In April 2021 the company was reported to be ready for an IPO, with sales of EUR 86m in 2020.

Blackstone Growth's latest fund, Blackstone Growth II, was announced in October 2021 with a target of USD 10bn. The vehicle targets fast-growing businesses in Europe and North America, in the healthcare, enterprise tech, consumer technologies and financial services sectors, according to Unquote Data. Its predecessor, Blackstone Growth, closed on USD 4.5bn in March 2021. The fund has invested in two Sweden-based companies including Epidemic Sound in March 2021 and Oatly in July 2020.

Other European unicorns to have announced recent fundraising rounds include Netherlands-based e-payments software developer Mollie, which secured USD 800m in a Series C led by Blackstone Growth at a valuation of USD 6.5bn in June 2021; and UK-based payment processor Checkout.com, which was valued at 40bn in January 2022.

Previous funding
Relex had previously raised EUR 200m and the new round marks the largest raise ever to be raised by a Finnish company, according to a company statement.

Summit Partners led a EUR 20m round in September 2015. At the time Relex was set to have a turnover of EUR 10m in 2015, according to press reports. In September 2017, the company received further, undisclosed investment from Summit Partners.

In 2019, Relex raised EUR 175m from California-based Technology Crossover Ventures.

Company
Relex is headquartered in Helsinki, Finland and employs over 1,300 staff worldwide. The business was founded in 2005. Relex is a software platform that enables retailers and consumer packed goods companies to reduce waste and avoid supply chain disruptions. It has several offices globally including in Europe, Australia and the US. Relex's client roster includes M&S Food, Morrisons, and Sephora, among others.

People
Relex Solutions- Mikko Kärkkäinen (CEO and co-founder).
Blackstone Growth – Mikko Kärkkäinen (partner).

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