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Shopify Secures $7 Million Investment
By Mike Sachoff
Staff Writer
Article Date: 2010-12-15
Shopify, a retail platform that helps businesses create online stores, has announced it has secured $7 million in Series A funding from Bessemer Venture Partners, FirstMark Capital and Felicis Ventures.
Shopify said it would use the proceeds to invest in the growth of the company, including product development and international expansion. The company currently serves customers in over 60 countries. The company also plans to invest in its technology, infrastructure and developer tools.
"Shopify has developed a breakthrough SaaS platform that makes it incredibly simple for retailers to create truly standout, easy-to-launch businesses online," said Alex Ferrara, a Bessemer partner who will be joining Shopify's board.
"Shopify's app store and its open APIs exemplify the continuing 'consumer-ization' of enterprise software, and the ease with which even small and mid-sized businesses can now offer a sophisticated online retail experience." Bessemer is also a backer of Yelp, another Web company that gives exposure to small, local businesses online.
Shopify's software-as-a-service offering can scale as customers grow: Shopify processes more than $100M in revenue for customers as diverse as General Electric, Tesla Motors, Amnesty International and the Foo Fighters.
Shopify makes it simple for smaller sellers with little or no programming skills to set up an online shop in just a few minutes. Each Shopify storefront is customizable and gives the user control over a shop's look and feel, in addition to setting up a streamlined checkout and the ability to easily integrate PayPal or a credit-card processor for payments.
About the Author:
Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
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