Elastic Path, a provider of headless commerce technology for building customized ecommerce systems, has raised $60 million in funding to finance its continued growth, the company announced today.
“This new capital will allow Elastic Path to build on a strong 2021 as the market shift to composable commerce accelerates,” the software company said. Composable commerce uses application programming interfaces (APIs), cloud-based technology and other digital technologies to enable companies to connect commerce applications from multiple vendors to their core ecommerce engine.
Strong demand for such configurations resulted in growth at Elastic Path of more than 400% last year over 2020, the vendor says. In addition, Elastic Path introduced more than 140 products last year, including the Catalog Composer application, which was designed for brands with complex product catalogs and related channel requirements.
“We were extremely impressed with Elastic Path’s team, the strength of its product offerings, and its impressive growth over the past 12 months,” said John Doyle, Director at BlackRock Investment Corp., one of Elastic Path’s financial backers. Other investors include Sageview Capital. Elastic Path says its total funding to date is more than $120 million.
Other headless commerce vendors have also been raising significant amount of capital. Fabric, a startup, raised $100 million last year and introduced a B2B commerce product in December.
Commercetools raised $140 million last September, bringing its total to more than $300 million. In November, commercetools acquired Frontastic, a provider of customer-facing ecommerce technology, to provide its clients with more built-in technology for developing complete ecommerce systems. Commercetools says it has a valuation of more than $1 billion.
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