Bigcommerce nabs $50M from big name investors

Bigcommerce nabs $50M from big name investors

Telstra Ventures, SoftBank Capital inject funds into the e-commerce provider

Bigcommerce announced Thursday it has raised $50 million in series D funding from a group of investors led by venture capital firm, SoftBank Capital.

Telstra Ventures, American Express, and existing shareholders General Catalyst and Revolution Growth are also part of the group in this latest round of financing.

Bigcommerce said it will use the funds to invest in product development, sales and marketing and expand the organisation into new international markets.

Steve Murray, a partner at SoftBank Capital, will join the Bigcommerce board.

He joins former America Online CEO, Steve Case, who joined the Bigcommerce board in July 2013 after his investment company, Revolution Growth, injected US$40 million into the organisation.

Bigcommerce’s own research suggests that e-commerce as a segment of the total retail market is growing at 30 per cent annually and is expected to reach US$2 trillion in sales worldwide in 2015.

Bigcommerce reports strong revenue growth and is approaching $5 billion in total online sales across merchants.

Eddie Machaalani, CEO of Bigcommerce, said partnering with SoftBank Capital gives the organisation access to the growing Asian market and opportunities within SoftBank Group companies, including Alibaba, an e-commerce company in China.

“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 the industry,” he said.

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Tags e-commerceAmerica OnlineTelstra VenturesRevolution GrowthSteve CaseEddie MachaalaniSoftBank GroupGeneral CatalystBigcommerceamerican express

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