Sacra estimates Mirakl hit $177M in annual recurring revenue (ARR) in 2024, growing 15% year-over-year from $15M in 2023.

Mirakl generates revenue primarily through SaaS subscription fees for its enterprise marketplace platform, with pricing based on factors like project complexity, number of categories, and feature modules activated. Additional revenue streams come from value-added services including Mirakl Ads (retail media), Mirakl Payout, and professional services for implementation and integration.

The company serves over 350 enterprise clients across 40 countries, including major retailers like Macy's, Best Buy Canada, and H&M Home, as well as B2B organizations like Airbus Helicopters and Hewlett Packard Enterprise. Gross merchandise value (GMV) processed through Mirakl-powered marketplaces reached $7.25B in 2023, though Mirakl's take rate has decreased from 4.5% in 2015 to approximately 2% in 2024 as the company shifted focus to enterprise SaaS revenue.

Notably, Mirakl has maintained profitability while scaling rapidly, with strong net revenue retention rates driven by expanding usage among existing customers. The company's enterprise focus and comprehensive feature set command premium pricing, with first-year costs typically starting around $493,000.

Mirakl reached a valuation of $3.5 billion in September 2021 following a $555 million Series E funding round led by Silver Lake. The company has raised a total of $1.058 billion across 7 funding rounds since its founding in 2012.

Key investors include Silver Lake, Permira, Bain Capital Ventures, and Felix Capital. The company's most recent financing was a $109.94 million line of credit in August 2023, provided by major banks including BNP Paribas, HSBC, and J.P. Morgan.

Based on Mirakl's 2021 annual recurring revenue of $106 million, the company's last known valuation represents approximately 33x ARR.

Mirakl was founded in 2012 by Philippe Corrot and Adrien Nussenbaum, who previously built and sold an online video game marketplace to FNAC. Their experience running both an independent marketplace and one within a major retailer gave them unique insights into the challenges of marketplace operations.

Mirakl found product-market fit as a SaaS platform that enables large retailers to launch and operate their own third-party marketplaces, with early adopters including major European retailers like Darty, Fnac and Carrefour who needed to compete with Amazon's marketplace model.

The core Mirakl platform allows enterprises to create customized marketplaces where third-party sellers can list and sell products alongside the company's own inventory. When a customer places an order through a Mirakl-powered marketplace, the platform automatically routes it to the appropriate seller, manages the payment processing, and tracks fulfillment.

For marketplace operators, Mirakl provides tools to onboard and manage sellers, maintain product catalogs, and analyze performance. The platform integrates with existing e-commerce systems while handling the complex orchestration required for marketplace operations.

Mirakl has expanded to serve both B2C and B2B use cases, with additional capabilities like AI-powered categorization, retail media tools, and a global ecosystem of pre-vetted sellers through Mirakl Connect. The platform maintains 100% uptime even during peak demand periods, making it suitable for enterprise-scale operations.

Mirakl is a SaaS platform provider that enables enterprises to launch and operate their own online marketplaces, serving both B2B and B2C segments. The company generates revenue primarily through annual recurring subscription fees for its core marketplace platform, with pricing based on factors like transaction volumes, number of sellers, and platform features activated.

The platform integrates seamlessly with clients' existing e-commerce systems to handle third-party seller management, catalog operations, payments processing, and marketplace operations. Beyond the core offering, Mirakl has expanded its product suite to include Mirakl Connect (seller ecosystem), Mirakl Catalog (product data management), Mirakl Ads (retail media), and Mirakl Payout (payment solutions).

Mirakl employs a land-and-expand strategy where initial platform adoption often leads to increased usage and additional module purchases. As customers' marketplaces grow and process more transactions, they typically expand their use of Mirakl's services and adopt premium features.

The company's competitive advantage stems from its enterprise-grade platform reliability, comprehensive feature set, and deep marketplace expertise. By enabling traditional retailers and B2B companies to compete with pure-play marketplace operators like Amazon, Mirakl has established itself as the go-to solution for organizations seeking to launch their own marketplaces at scale.

Mirakl operates in the enterprise marketplace enablement market, providing software and services that allow retailers, manufacturers, and distributors to launch and operate their own online marketplaces.

The core competitive segment includes enterprise-focused marketplace enablement platforms. VTEX offers an integrated commerce platform with marketplace capabilities primarily serving Latin America. Marketcube and Webkul provide marketplace solutions but focus on mid-market customers rather than enterprise clients.

Major e-commerce platforms have developed native marketplace capabilities, though typically less robust than dedicated solutions. Shopify's Marketplace Kit and Magento's Marketplace Suite offer basic marketplace functionality integrated into their core platforms. Adobe Commerce (formerly Magento) and Salesforce Commerce Cloud have partnerships with Mirakl rather than competing directly.

Systems integrators and consulting firms like Accenture, Deloitte Digital, and Capgemini offer custom-built marketplace solutions. These typically cost $3-12 million and take 12-18 months to implement, compared to 4-6 months for platform solutions. While offering high customization, they require significant ongoing maintenance and development resources.

The competitive landscape is evolving as more retailers seek marketplace capabilities. Traditional e-commerce platforms are expanding marketplace features while enterprise software vendors increasingly view marketplaces as strategic. Custom development remains common for the largest enterprises, though platform solutions are gaining share due to faster time-to-market and lower total cost of ownership.

Mirakl has tailwinds from the rapid shift to platform business models and enterprise marketplace adoption, with opportunities to expand into adjacent markets like retail media, payments infrastructure, and B2B wholesale digitization.

The platform economy continues to gain momentum as traditional retailers and B2B companies seek to compete with Amazon and Alibaba. Only 3% of enterprise companies currently operate marketplaces, suggesting massive headroom for growth. Mirakl's current $135M ARR represents less than 1% penetration of the potential market for marketplace enablement software.

Through Mirakl Connect and Mirakl Ads, the company is expanding beyond core marketplace infrastructure into high-margin retail media. This mirrors Amazon's successful advertising business model. The retail media opportunity alone could exceed $100B globally by 2026.

While B2C marketplaces drove Mirakl's early growth, B2B represents an even larger opportunity. Global B2B ecommerce transactions are expected to reach $33.3T by 2025. Mirakl is uniquely positioned to help industrial distributors, manufacturers and wholesalers digitize their complex supply chains through marketplace models.

Mirakl's Payout solution marks its entry into marketplace payments and settlement. The company could expand further into areas like marketplace lending, working capital financing, and cross-border payment solutions. The B2B payments opportunity alone exceeds $125T in annual flow globally.

The combination of these expansion vectors positions Mirakl to potentially grow from its current $3.5B valuation to $10B+ as it becomes the essential infrastructure layer for the platform economy.

Marketplace platform dependency: As retailers increasingly rely on Mirakl's platform to compete with Amazon, their success becomes deeply intertwined with Mirakl's performance and uptime. Any significant technical issues or platform downtime could severely impact hundreds of retailers simultaneously, potentially driving them to build in-house solutions or seek alternative providers. The reputational damage from a major outage could be particularly severe given Mirakl's positioning as an enterprise-grade solution.

Enterprise sales cycle vulnerability: Mirakl's focus on large enterprise clients with complex implementations creates lengthy sales cycles and significant customer concentration risk. With implementation periods of 4-6 months and annual contracts starting at $493,000, any slowdown in enterprise spending could dramatically impact growth. The company's high-touch, premium pricing model also leaves them exposed to more agile, lower-cost alternatives targeting mid-market customers.

Take rate compression: As marketplace operators face increasing competition, they may demand lower platform fees to preserve their own margins. Mirakl's effective take rate has already declined from 4.5% in 2015 to 2.0% in 2024, suggesting ongoing pricing pressure that could impact long-term profitability. This compression may accelerate as more retailers launch marketplaces and compete for sellers.