Culver City-based eCommerce software and data company Assembly has joined L.A.’s tech startup unicorn club.
Following a “significant capital injection” by Boston-based private equity firms Advent International Corp. and Providence Strategic Growth Capital Partners, Assembly has reached a valuation of more than $1 billion, the company announced Sept. 21, 2021.
Assembly would not disclose the size of the investment.
It said it plans to use the funding to add new features and products and expand existing ones for its eCommerce clients, acquire other companies to expand its product lines, and hire more than 200 new employees in the next year.
“There are millions of eCommerce merchants globally that need world-class software to operate more profitably in an increasingly complex multichannel world,” Eric Wei, managing director of Advent’s technology team, said in a statement.