Bigcommerce, the e-commerce platform which got its start in Australia, has just announced it’s taken on $50 million in funding in a round which included Telstra Ventures, SoftBank Capital and American Express.
It’s late stage funding which will be used to build out the product and boost sales and marketing activities as well as map out new markets.
The round was led by SoftBank which owns one-third of Alibaba and also included existing investors General Catalyst and Revolution Growth.
“Partnering with SoftBank Capital gives us access to the growing Asian market and opportunities within SoftBank Group companies, including Alibaba, while American Express and Telstra share our passion for helping businesses in the U.S and Australia respectively,” Bigcommerce co-founder and CEO Eddie Machaalani said.
“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 their industry.”
In October the company stuck a partnership with Alibaba to streamline product sourcing for its merchants.
Bigcommerce has now raised about $125 million in funding since it was founded in 2009. In 2013 it raised $40 million from Revolution, an investment which saw former AOL CEO Steve Case join the board with a minority stake. More on that here.
The company estimates the e-commerce segment of retail to be worth $2 trillion next year, up 30% year-on-year. Already the company’s merchants have processed almost $5 billion in sales.
SoftBank Capital partner Steve Murray will also join the Bigcommerce board.
“Bigcommerce’s easy to use, cloud-based platform allows businesses of all sizes to rapidly build and deploy full-service e-commerce and m-commerce tools to grow revenues,” Murray said.
“We are thrilled to partner with Eddie and this outstanding leadership team as the business achieves scale and accelerates its growth both in the U.S. and internationally.”
American Express Vice President of US small merchants Tyler Vaughey said its interest in the small business market was one of the reasons it chipped into the investment round.
“Our investment in Bigcommerce is one of the many ways we are working to equip these businesses with resources that can enable them to grow,” he said.
“With the convergence of online and offline, many small merchants are looking for ways to strengthen customer engagement, and Bigcommerce has created a platform that enables merchants to address this key business objective.”
Telstra Ventures is a subset of the telco and has a mandate to invest in high growth companies which strategically align with Telstra. It’s already invested in Box, Dimmi, DocuSign, Ooyala and Whispir.
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