Ecommerce Software Leader Elastic Path Completes $12-million Financing Plan
Investment to fuel aggressive growth plans in ecommerce and API economy
Vancouver, B.C. (July 22, 2013) – Elastic Path Software Inc., the digital commerce company, today announced a new growth equity financing of CDN$4-million with Yaletown Venture Partners, a leading venture capital firm based in Vancouver, Canada, bringing to CDN$12-million the total amount in financing secured over the past 60 days.
The equity deal is the latest round of financing to be announced. In June, Elastic Path secured an CDN$8-million debt facility with Wellington Financial LP, a privately-held specialty finance firm based in Toronto, Canada.
The new funding will allow Elastic Path to aggressively pursue new business and strategic opportunities in the fast-growing ecommerce software and API commerce markets.
“We’re proud to be partnering with the investing veterans at Yaletown, as it further strengthens our dominant position in the digital commerce market,” said Harry Chemko, CEO of Elastic Path. “By 2015, analysts project that revenue from digital goods and services will grow 300% faster than ecommerce revenue of physical goods. With this financing, we’re in an excellent position to capitalize on that growing opportunity.”
Yaletown Venture Partners selected Elastic Path based on its strong position as an innovator of ecommerce software.
“We were attracted to Elastic Path’s leadership team, their impressive global list of digital commerce customers, and broad technology portfolio, including Cortex, their patent-pending API solution for embedding commerce everywhere,” said Mike Satterfield, Partner with Yaletown Venture Partners. “We believe that enterprises are increasingly looking to API commerce solutions to turn digital experiences into amazing revenue streams, and Elastic Path is at the forefront of that movement.”
In a recent research paper commissioned by Elastic Path, Forrester Consulting found that nearly 70% of IT professionals believe that having a unified digital experience is of strategic importance to their company’s growth plans. The majority said the way to accomplish that was through an API commerce strategy.
To learn more about how Elastic Path turns digital experiences into revenue, visit https://www.elasticpath.com/ecommerce-solutions.
About Elastic Path
Elastic Path builds ecommerce software that powers the next generation of digital experience. We help businesses maximize revenue from their goods, services, and content with solutions that empower companies to create outstanding customer experiences that drive engagement and conversion. Elastic Path technology brings this functionality to multiple touchpoints – websites, apps, APIs, and more – while generating a single view of the customer. Market leaders, including Google, Pearson, Symantec, Time Inc., and Virgin Media use Elastic Path to drive billions of dollars in digital commerce annually.
About Yaletown Venture Partners
Yaletown is backed by leading institutional investors and a network of successful technology entrepreneurs, executives, and angel investors. Yaletown leverages its network to seek out the most promising early stage Cleantech and IT companies in Western Canada and the US Pacific Northwest. Founded in 2002, Yaletown’s team has more than 120 years’ collective experience building and financing technology companies. Yaletown is headquartered in Vancouver, with offices in Calgary and Seattle. www.yaletown.com