BigCommerce raised another $64 million to grow its business of helping merchants and brands build online stores. The company said the funding would help it accelerate its product roadmap and expand internationally.
The company was founded in 2009 and powers over 60,000 merchants across 120 countries.
A spokesperson told EcommerceBytes the latest funding round, led by Goldman Sachs, was by far BigCommerce’s largest and most significant investment to date.
“The round is both evidence of the recent business momentum BigCommerce has generated as well as an indicator of what’s to come. Sony, Skullcandy and Paul Mitchell all signed on to BigCommerce’s SaaS platform as customer brands within the last six months while the company shored up major partnerships ranging from Instagram to Visa.
“With the additional capital, BigCommerce will accelerate product initiatives like omnichannel, international and multi-store support as well as expand its corporate presence into the EU and APAC.”
In reporting the funding news, TechCrunch wrote, “While BigCommerce’s business resembles Shopify and Salesforce’s recently-purchased Demandware, CEO Brent Bellm says that while the former focuses on small businesses and the latter targets large enterprises, BigCommerce’s sweet spot is somewhere in between. It aims to build sites for brands with between $1 million and $50 million in revenue.”
The tech publication also noted BigCommerce could be preparing for an IPO (taking the company public), and wrote that “If Shopify’s stock performance is any indication, public investors are hot on the space. Shares have gone up over 600% since its IPO in 2015.”
Press release follows:
BigCommerce, the leading ecommerce platform for fast-growing and established brands, today announced that it has closed $64 million in growth equity funding, led by Goldman Sachs, with participation from current investors General Catalyst, GGV Capital and Tenaya Capital. With the new funding, BigCommerce has now raised over $200 million.
Since being founded in 2009, BigCommerce has grown to become the industry’s most popular and fastest-growing SaaS ecommerce platform serving Internet Retailer Top 1000 brands. Today, more than 60,000 merchants across 120 countries are powered by the BigCommerce platform, including Avery Dennison, Ben & Jerry’s, Gibson, Paul Mitchell, Sharp, Skullcandy and Sony. To date, merchants selling on the BigCommerce platform have processed more than $17 billion in sales.
“Our mission is to help every business selling online maximize success through the benefits of SaaS,” said Brent Bellm, CEO for BigCommerce. “Ecommerce is constantly evolving, and brands need technologies that allow them to stay current and competitive. With this funding, we will continue investing aggressively in our platform, technology and team to serve customers’ needs at every phase of their growth.”
“We are excited to partner with Brent and the BigCommerce team,” said Holger Staude, Vice President Private Capital Investing at Goldman Sachs. “BigCommerce is an acknowledged leader in SaaS ecommerce for the mid-market, and given its track record and scale we see tremendous opportunity for continued growth.”
The funding follows several recent company milestones, including new and expanded strategic partnerships with leading commerce and technology platforms such as Amazon, eBay, Facebook, Google, Instagram, Square and PayPal. Highlights include:
– In March, BigCommerce expanded its collaboration with Instagram to enable shopping on Instagram for more than 60,000 BigCommerce brands around the world.
– In January, the company entered into a strategic partnership with Handshake, enhancing support for B2B brands selling online.
– Earlier this year, BigCommerce became the first ecommerce platform to natively support Akamai Image Manager and Google’s Accelerated Mobile Pages (AMP), providing merchants powerful tools to improve mobile performance and conversion at no additional cost.
“The overwhelming interest we received for this round further validates our belief that the future of ecommerce is powered by SaaS,” said Russell Klein, Chief Development Officer for BigCommerce. “We look forward to leveraging Goldman Sachs’ considerable resources and expertise.”
SOURCE: BigCommerce Press Release
