Tag: ecommerce

Bigcommerce Snags $50 Million in Funding

November 19, 2014 / LauraLorek@gmail.com / 4 Comments

Bigcommerce’s Austin offices, photo by Stacy Alexander Evans

Bigcommerce, an ecommerce platform based in Austin, announced it has raised $50 million led by Softbank Capital.

Other investors in the Series D funding 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. The company has previously raised $75 million.

Bigcommerce plans to use the money for product development, sales and marketing and to enter new markets. Ecommerce is expected to become a $2 trillion market worldwide by 2015, according to Bigcommerce. Its software handles approximately $5 billion worth of online sales.

Last month, Bigcommerce struck a partnership deal with Alibaba.com. Softbank owns one-third of Alibaba.

“Partnering with SoftBank Capital gives us access to the growing Asian market and opportunities within SoftBank Group companies, including Alibaba, while American Express and Telstra share our passion for helping businesses in the U.S and Australia respectively,” Eddie Machaalani, co-founder and CEO of Bigcommerce, said in a news release. “With this new round of funding, we will continue to level the commerce playing field so that every merchant has the opportunity to build a compelling brand and scalable business to effectively compete with the largest players in their industry.”

Bigcommerce, founded in 2009, has more than 55,000 retail customers worldwide. It has offices in San Francisco, Austin and Sydney. Silicon Hills News did this story on the company earlier this year. The company has 350 employees, including 200 in Austin.

Volusion Completes $35 Million in Debt Financing

January 13, 2014 / LauraLorek@gmail.com / 0 Comments

Volusion announced the completion of $35 million in debt financing to expand its ecommerce software and services.
The Austin-based company secured the line of credit from Silicon Valley Bank. The company plans to use the money to further develop its software platform and to hire product, support, sales, marketing and IT workers.
The company decided to finance its growth through debt financing instead of venture capital or private equity to retain ownership. It plans to file an initial public offering in the future.
“As Volusion continues to grow and power some of the most successful merchants’ online presence, we believe this new financing will give the team the flexibility it needs to tackle its goals in 2014 and beyond,” Blake English, managing director for Silicon Valley Bank in Austin, said in a news release.
Volusion, founded in 2009, currently has more than 400 employees.
The company has “aggressive expansion plans” for its products targeted at the small to medium sized business market, according to Clay Oliver, CEO of Volusion.

Bigcommerce Raises $40 Million from Revolution Growth

July 25, 2013 / LauraLorek@gmail.com / 3 Comments

Bigcommerce, a site that lets anyone create an online store, raised $40 million from Revolution Growth.
Steve Case, co-founder of the Revolution Growth fund and founder of America Online, will also join Bigcommerce’s board.
The Austin-based company, founded by Eddie Machaalani and Mitchell Harper in 2009, has raised $75 million to date.
Bigcommerce’s software has already helped more than 35,000 companies launch online stores, market their businesses and build brands for just $25 a month. Its customers include Gibson Guitar, Zaggora.com, YETI Coolers and many more.
“Bigcommerce is a big idea that aligns perfectly with Revolution Growth’s philosophy: that technology can enable any entrepreneur, in any industry, located anywhere, to build a successful, high-growth business,” Case said in a news release.
Bigcommerce plans to use the funds to further develop its product and for marketing. The company is also hiring new employees.
“At our core, we are simply entrepreneurs helping other entrepreneurs build the business of their dreams,” Bigcommerce co-founder and co-CEO Mitchell Harper said in a news release.