Bigcommerce bags $50m investment
Commerce platform Bigcommerce hasannounced it has raised $50 million in Series D funding. The company will use the funds to invest in product development, grow sales and marketing, and expand its business to new markets.
The financing was led by SoftBank Capital, a venture firm affiliated with SoftBank Corp., and included Telstra Ventures and American Express, as well as existing investors General Catalyst and Revolution Growth. Steve Murray, a partner at SoftBank Capital, will join the Bigcommerce board.
“Bigcommerce’s easy to use, cloud-based platform allows businesses of all sizes to rapidly build and deploy full-service ecommerce and m-commerce tools to grow revenues,” said Murray. “We are thrilled to partner with this outstanding leadership team as the business achieves scale and accelerates its growth both in the U.S. and internationally.”
Ecommerce as a segment of the total retail market is growing at 30 per cent per year and is expected to reach $2 trillion in sales worldwide in 2015, according to Bigcommerce research. The company has seen significant year-over-year revenue growth and is approaching $5 billion in total online sales across merchants. Clients on the Bigcommerce platform experience 24 per cent higher gross merchandise volume (GMV) over competitive platforms.