Ecommerce Software Platform BigCommerce Raises Million
BigCommerce announced on Tuesday that it has received $30 million in a Series E funding round led by GGV Capital. All of BigCommerce’s existing investors participated in the round, including General Catalyst, Revolution Growth, SoftBank Capital, Tenaya, Split Rock, Telstra Ventures, and American Express Ventures.
According to research by Morgan Stanley, the addressable market for ecommerce software platforms is now over $10 billion annually, with 46 million merchants globally and 10 million in Western markets. Gartner counts the cloud ecommerce enablement software and services market at $7.7 billion in 2015, and expects it to hit $10 billion in 2018, BigCommerce said.
“BigCommerce is benefitting from the retail industry shifting online, with every small, mid-sized and large merchant in the world seeking to gain a piece of the $1 trillion ecommerce market,” said Brent Bellm, CEO of BigCommerce. “This new financing follows on the successful launch of several new products, our partnerships with major players in ecommerce like eBay and Square, and our successful expansion into the midmarket.”
Read more: Bigcommerce Ecommerce Platform Raises $50 Million to Expand Reach
The company says it has processed over $9 billion in sales through its platform. This includes sales by thousands of mid-market brands using BigCommerce Enterprise, as well as relative household names Camelbak and Toyota, all of which joined the company in the past year.
GGV Capital is based in both Silicon Valley and China, and it has an extensive history with software and ecommerce companies, including Alibaba and Square. Managing partner Jeff Richards will join the BigCommerce board of directors, where he will join CEO Brent Bellm, who joined the company in June. The company also formed a partnership with 2Checkout in July to enable transactions between international currencies.
“We believe we are still in the early innings of a massive global shift from offline to online retail, with mobile and younger demographics driving the trend,” said Jeff Richards. “BigCommerce and its competitors have brought hundreds of thousands of merchants online in the past few years, but there are millions left to come online – and today’s shopper shops online first.”
BigCommerce has raised $155 million to date. A recent report by aheadWorks put BigCommerce at 0.5 percent of the Alexa top 1 million websites.
Source: TheWHIR