E-commerce platform BigCommerce, which powers web sites for brands like Erdem, Saint Heron, 3×1 and LaQuan Smith, has closed a $30 million round of Series E funding.
The round was led by GGV Capital, a Silicon Valley and China-based investment firm that has backed companies including Poshmark, Alibaba, Houzz, Square and Slack. It also included participation from existing investors General Catalyst, Revolution Growth, SoftBank Capital, Tenaya, Split Rock, Telstra Ventures and American Express, and brings the total raised for the seven-year old platform to $160 million. GGV Capital managing partner Jeff Richards will join the BigCommerce board of directors.
The company is based in Austin, with offices in Sydney and San Francisco, and will use the funding to continue to make new hires to its product and engineering teams so that it can more quickly introduce new products and partnerships.
“The new financing,” said company chief executive officer Brent Bellm, “follows on the successful launch of several new products, our partnerships with major players in e-commerce like eBay and Square, and our successful expansion into the midmarket in a very big way.” Bellm took the helm in June, and has experience at eBay, PayPal and McKinsey.
Most recently, BigCommerce shared a new partnership with eBay that would allow its merchant customers to choose to concurrently list their products on eBay, and manage their listings and inventory through their BigCommerce control panel. Merchants can also create bulk listings on eBay and streamline order fulfillment and management. This capability is expected to become available in the third quarter of 2016, according to a company spokesperson.
BigCommerce provides software that allows merchants to take advantage of the growing trend of what it calls “contextual commerce,” meaning that it helps its merchants integrate features like Buyable Pins on Pinterest and to implement a Shop section on Facebook Pages. It has also begun testing a “buy now” button on Twitter and a delivery partnership with Uber that would allow merchants to provide same-day delivery to customers.
This new funding will go toward increasing the speed at which BigCommerce can provide services that allow merchants to “sell where the customers already are,” whether that’s social networks, outside marketplaces or — eventually — within an e-mail, said a spokesperson. According to BigCommece research, almost half of online customer journeys begin at a mass marketplace like Amazon or eBay.
Although BigCommerce does not share how many merchants use its “software as a service” platform, it works with “tens of thousands” small to midsize merchants whose online transactions range from $1 to $100 million in sales every year through their BigCommerce platform. To date, the platform as a whole has transacted more than $9 billion in sales, according to a company spokesperson.
“BigCommerce is benefiting in a big way from the retail transition from offline to online, with every small, midsize and large merchant in the world seeking to gain a piece of the $1 trillion e-commerce markets,” Bellm said.