Elastic Path has raised a $43 million Series B round.
The Vancouver-based company focuses on enterprise commerce and this new funding brings the total capital raised to $63 million after rounds in 2015 and 2014. This latest round was led by Sageview Capital and also featured participation from current investors Yaletown Partners and BDC Venture Capital.
Elastic Path will also be opening up an office in Toronto and aggressively hiring new developers, sales and marketing personnel.
“Sageview provides highly complementary strategic and industry knowledge to our investor base,” said Harry Chemko, CEO of Elastic Path.”We look forward to leveraging the firm’s domain expertise, resources and shared vision to support Elastic Path’s goals for product evolution and market expansion.”
The flagship Elastic Path Commerce offers an API-oriented commerce solution for enterprises and has helped some of the biggest companies in the world generate over $60 billion. The company operates in 170 countries and industries as diverse as travel, telecoms, software and more.
Recent clients for Elastic Path include Swisscom and Boulanger, and the company has experienced a 120 per cent increase in subscription revenues as well as a doubling of their partner ecosystem. Recently added partners such as IBM iX, TCS, Cognizant and Sirius have joined huge names like Accenture, PwC and Deloitte Digital.
“The inherent flexibility of Elastic Path Commerce allows companies to re-imagine their relationships with customers in the digital age,” said Ned Gilhuly, Co-Founder and Managing Partner, Sageview Capital. “We are convinced that Elastic Path has the technology for the future in a rapidly evolving market and we look forward to providing the company with both the financial and operational resources it needs to continue disrupting the marketplace.”
A big part of Elastic Path’s success is due to their agile API-based platform, which means clients who relied on larger legacy systems from IBM, Oracle and others can turn to Elastic Path and build commerce for the next wave of retail and sales.
“We want to minimize the risk for large corporations contemplating their inevitable digital transformation,” said Chemko. “We’ll be using this funding to significantly ramp-up research and development efforts to address the B2B market and continue innovating on our industry-leading architecture.”