LOS GATOS, Calif., Tuesday, July 29, 2014 –
Centric Software raised $24 million to help it win customers for its product management software in China’s fashion and luxury goods business.
The Los Gatos company led by CEO Chris Groves said that the Series D financing was co-led by Fung Capital and Silver Lake Waterman. Existing investors Oak Investment Partners and Masthead Partners also participated.
Fung Capital invests for the Hong Kong-based Fung family. Their holdings include Li & Fung Limited, a public company that sources and distributes consumer products globally with more than $20 billion in revenue.
Silver Lake Waterman is the growth capital arm of Silver Lake. Centric is already used by a number of major companies, including Tommy Hilfiger, Marc Jacobs, Nike and Christian Louboutin. Now it is going after the estimated 30,000 private label brands that do business in China.
Centric started out in 1997 trying to sell product lifecycle management software across a number of industries but honed its focus to the fashion and luxury markets nine years ago. It has raised about $62 million.