E-commerce platform provider BigCommerce has raised $64 million and will use the funds in part to expand internationally, the company announced today.
BigCommerce ranks No. 5 among e-commerce platforms used by retailers in the Internet Retailer 2017 Top 1000 with 25 merchant clients in the Top 1000. The funding round, led by Goldman Sachs with participation from current investors General Catalyst, GGV Capital and Tenaya Capital, will be used to deploy new features more quickly, expand internationally and grow the business.
BigCommerce launched in 2009, and it says more than 60,000 merchants in 120 countries use its e-commerce platform, including QVC Group, No. 7 in the Internet Retailer Top 1000, and Payless ShoeSource Inc., No. 364. To date, merchants selling on the BigCommerce platform have processed more than $17 billion in sales, BigCommerce says.
In an interview with Internet Retailer, BigCommerce CEO Brent Bellm says that while the company has had an office in Australia since its launch and now employs about 60 in Sydney, it has yet to open an office in Europe. “Despite having many thousands of customers in Europe, we’ve not had a sales, marketing and service team on the ground,” Bellm says.
Nearly a quarter of BigCommerce’s merchant base is outside the U.S., Bellm says. He says BigCommerce is actively seeking a general manager for Europe. It also has selected a European headquarters but Bellm would not disclose where it is.
In a blog post, Bellm says BigCommerce also plans to use the cash to improve its point-of-sale integration capabilities, to add international and cross-border tools to help merchants better sell worldwide, and to offer more integrations with marketplaces, social networks, content and advertising platforms. It also will add more tools for merchants operating multiple stores and warehouses and selling in multiple currencies.
Bellm says BigCommerce’s main competitors in the web-based e-commerce platform space are Salesforce Commerce Cloud, No. 3 in the 2018 Guide to E-commerce Platforms, with 80 Top 1000 merchant clients, and Shopify, No. 6, with 22 merchant clients in the Top 1000. Those two companies are both publicly traded and BigCommerce is not.
“A round this big from an investor like Goldman shows how highly the investing community thinks of us,” Bellm says. When asked if BigCommerce is considering going public, Bellm said BigCommerce has “nothing to announce right now.”Favorite