BigCommerce, an Austin, Texas-based operator of an e-commerce platform to manage an online store, process orders, and sell products online, raised $64 million in funding. Goldman Sachs led the round, and was joined by existing investors including General Catalyst, GGV Capital and Tenaya Capital.
The latest funding round brings the nine-year-old company’s total raised to over $200 million, according to Crunchbase.
The web-based online retail platform will use the funding to deploy more features, scale its business and expand internationally. The firm plans to open an office in Europe and make new hires such as a general manager for its European business.
BigCommerce ranks number five among e-commerce platforms used by retailers in the Internet Retailer 2017 Top 1000, with 25 merchant clients in the Top 1000. Founded in 2009, the company indicates that over 60,000 merchants in 120 countries use its solution, including Sony, Toyota, QVC Group, Payless ShoeSource Inc. and others. Merchants selling on the BigCommerce platform have processed over $17 billion in sales, according to the SaaS provider.
BigCommerce’s solutions enable customers to launch websites with manageable shipping and payments tracking, while also making it easy to cross-sell on Amazon, eBay and Facebook. Other partners include PayPal and Google, as well as Facebook’s popular photo and video sharing app Instagram, where consumers can purchase products directly with BigCommerce software.
According to BigCommerce, its platform can reduce costs for e-retailers by as much as 80%. As opposed to Shopify, which targets small businesses, and Salesforce’s Demandware, used primarily by larger enterprises, BigCommerce CEO Brent Bellm says his company’s typically customer is somewhere in-between. The firm aims to build sites for brands that generate between $1 million and $50 million in revenue.
Bellm sees Big Commerce’s latest round as the Austin-based company’s last funding as a private company, as it approaches $100 million in annualized revenue.
