Mirakl at $177M ARR
Jan-Erik Asplund
TL;DR: Mirakl continues to expand its marketplace enablement platform with high-profile clients like Best Buy and Ulta Beauty launching marketplaces in 2025. Sacra estimates that Mirakl hit $177M ARR in 2024, up 15% YoY, while its customer GMV grew 30% to $11.2B as traditional retailers seek to counter Amazon's third-party marketplace dominance. For more, check out our full report and dataset on Mirakl.
We first covered Mirakl at $203M ARR in January 2025, growing 27.4% YoY, as it helped traditional retailers launch their own third-party marketplaces to compete with Amazon's $360B third-party sales ecosystem, though recent company reports indicate we overestimated its 2024 performance.
Here's our Mirakl update with key points via Sacra AI:
- Sacra estimates that Mirakl reached $177M in annual recurring revenue (ARR) in 2024, growing 15% year-over-year, while the GMV processed through Mirakl-powered marketplaces grew 30% to $11.2 billion and its core platform achieved full-year profitability—demonstrating that while SaaS revenue growth has moderated, the volume of goods sold through client marketplaces continues to accelerate rapidly.
- Mirakl Ads, which allows retailers to monetize marketplace traffic through seller-purchased ad slots, grew over 100% year-over-year in 2024 and was strengthened by the December acquisition of Adspert—mirroring how Amazon ($48B in advertising revenue) and Walmart ($2B in operating income from ads) have transformed their marketplaces into high-margin advertising platforms with 70-80% margins versus traditional retail's 24%.
- Mirakl secured platform deals with Best Buy's U.S. marketplace (launching summer 2025) and Ulta Beauty's new online marketplace, reflecting the continued shift toward platform business models where only 3% of enterprise companies currently operate marketplaces—suggesting substantial growth potential as more retailers seek to replicate Amazon's success, where third-party sales generate 60% of all retail revenue.
For more, check out this other research from our platform:
- Mirakl (dataset)
- Back Market (dataset)
- ManoMano (dataset)
- Bloom & Wild (dataset)
- Andrew Yates, CEO of Promoted.ai, on when marketplaces should layer on ads
- Andrew Yates, CEO of Promoted.ai, on driving marketplace ARPU with personalization
- Ved Sinha, Former VP of Product at Upwork, on gig marketplaces
- Ameet Shah, partner at Golden Ventures, on the economics of vertical SaaS marketplaces
- Sean Frank, CEO of Ridge, on the state of ecommerce post-COVID
- Rokt: the $480M/year ad network behind Uber & Lyft
