Mirakl at $218M ARR
Jan-Erik Asplund
TL;DR: As low-growth big-box retailers turn to the commissions and ads from third-party marketplaces to drive capital-light sales growth, they are driving the growth of Mirakl, with its 13,000+ pre-vetted seller network now powering launches at Best Buy, Ulta Beauty, Lowe's, and Tesco. Sacra estimates Mirakl hit $218M ARR in 2025, up 23% YoY and reaccelerating from 15% growth in 2024, compared to closest public comp VTEX at $240M in 2025 revenue, up 6% YoY. For more, check out our full report and dataset on Mirakl.
We previously covered Mirakl in March 2025 at $177M ARR as Best Buy and Ulta prepared to launch third-party marketplaces to compete with Amazon’s $360B third-party sales ecosystem.
Key points via Sacra AI:
- With its network of 13,000+ pre-vetted third-party sellers & brands (largest among marketplace SaaS) and 450+ customers, Mirakl has become the default platform for top retail names launching marketplaces, with 2025 launches from Best Buy (August 2025), which 11x'd its online SKU count with 1,000+ sellers within three months, Ulta Beauty (October 2025), Lowe's, and Tesco, with Mirakl overall signing 45 new enterprise customers in 2025 as GMV grew 31% to $15B, 4x faster than e-commerce in general.
- As low-growth big-box retailers like Best Buy ($41.5B in 2025 revenue, down 4% YoY) turn to the commissions & ads of 3rd-party marketplaces to drive capital-light sales growth, Sacra estimates Mirakl hit $218M ARR in 2025, up 23% YoY, reaccelerating from 15% growth in 2024 with its first full year of profitability, last valued at $3.5B at its September 2021 Series E (37x multiple), compared to its closest public comp VTEX at $241M in 2025 revenue, up 6% YoY, valued at $686M for a 2.8x multiple.
- Just as Mirakl-powered marketplaces win retailers SEO traffic by adding 1,000s of indexed product pages to their high domain authority websites, Mirakl is now expanding into answer engine optimization (AEO), launching Mirakl Nexus (Dec 2025) as the API & MCP layer that makes your entire product catalog, inventory, and pricing visible to ChatGPT.
For more, check out this other research from our platform:
- Mirakl (dataset)
- Mirakl at $177M ARR
- Mirakl vs. Amazon vs. Walmart
- 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
