AMP Secures an Additional AUD$20M to Revolutionise eCommerce with AI – Acquires Back In Stock to Drive Growth

Sydney Australia, March 4th, 2025: AMP, a leading AI-driven eCommerce software platform based in Australia, has announced that it has secured AUD $20 million in new funding and acquired Back In Stock, a popular Shopify app for back-in-stock notifications. The investment from existing investor Openspace Ventures, and new investor One Ventures, brings its total capital raised to AUD$50m (USD$30.5M).

To accompany the fundraise, AMP has announced the acquisition of Back in Stock, an ecommerce tool that allows merchants to easily trigger automatic back in stock alerts to customers when they restock their favorite products. The acquisition means AMP can better address a fundamental problem for ecommerce merchants – recovering lost sales – as well as significantly bolster its AI capabilities. Back In Stock has sent over 300 million restock notifications to shoppers and helped merchants recover more than $1.8 billion in revenue that would have been lost due to stockouts. ​

The integration of Back In Stock will enable AMP to harness over 300 million restock notifications, transforming buyer intent data into actionable insights that power real-time personalisation and conversion optimisation. This acquisition not only expands AMP’s product offerings, but also brings thousands of new merchants into its ecosystem, creating powerful cross-selling and data insights opportunities across the combined user base.

AMP will also onboard Back In Stock’s 25,000 customers across North America, UK, Europe and APAC. Notable logos include Kardashian-owned SKIMS and Kylie Cosmetics, as well as Redbull, Steve Madden and local Australian brands UGG Express, Princess Polly and DISSH.

Founded by multi-exit entrepreneurs, Cameron Priest and Patrick Barnes, AMP has achieved significant growth since its US$18.5m Series A in September 2023. It has sustained an ARR growth rate of +150% YoY and more than doubled its customer footprint from 20K to 45K, with household names like Liquid Death and Summer Fridays part of its portfolio. 

“The AUD $20M capital raise and the acquisition of Back In Stock are strong indicators of our continued growth and intent to build the world’s best AI-powered platform for ecommerce merchants," said AMP CEO Patrick Barnes. "The acquisition will significantly bolster our platform, allow us to keep solving multiple problems for ecommerce merchants under one roof, and at a competitive price. Our platform model allows customers to do more with less, so it’s vital that we continue investing in it".

Co-founder, Cameron Priest, added, “Over the next year, the AMP platform will see significant additions to its suite of solutions, along with improvements to existing solutions, more integrations and exciting partnerships, strengthening our commitment to helping ecommerce merchants drive incremental revenue and profitable growth, as well as broadening our presence across North America, Europe and APAC. This move underscores AMP's commitment to providing cutting-edge solutions to the most ambitious and fastest growing brands in the world.”

Shane Chesson, Partner at Openspace Ventures, which co-led AMP’s Series A, and participated in this most recent fundraise alongside OneVentures, says, "Cameron and Patrick have a clear vision and it's one we are excited to be part of. Our latest investment alongside OneVentures will provide an additional influx of capital for AMP to continue investing into its AI capabilities, as well as strengthening its footprint both in Australia and overseas. The company’s traction since the previous funding round has been significant – and we’re confident that the next period can continue on the same trajectory".