Just when you thought that maybe, just maybe, Utah's en fuego economy was starting to cool down, along comes Lehi, Utah-based Pattern that says, "Not. So. Fast."
Kidding aside, major congrats to co-founders, David Wright and Melanie Alder and the entire 900-plus-person team at Pattern for landing a $225 million round of funding (announced early this morning).
With the minority investment, Pattern is now valued at $2 billion, elevating it into double-unicorn status.
A "global ecommerce and marketplace acceleration" company, Pattern works with some of the largest brands in the world - think Panasonic, Nestle, Pandora, Sorel, Black Diamond, Zebra, and KONG, among others - to help such companies navigate today's multichannel challenges of marketing and selling products how and where consumers buy them.
The investment round in eight-plus-year-old Pattern was led by San Francisco-based Knox Lane, a fairly new private equity firm that Crunchbase reports raised $500 million in early 2020. {NOTE: The company news release says that the funding round "... included full pro-rata participation from existing investors."}
Alder, Pattern's Co-founder and Chief Investment Officer, explained that the "... investment will allow us to further accelerate the technology and intelligence services that power our platform, while expanding our global offering.”
Good on ya, Pattern. Nice job!
A QUICK NOTE: Pattern's Chief Revenue Officer, John LeBaron, is on board as one of our speakers at next week's Silicon Slopes Summit. We hope to see you there.
