BigCommerce raises $30 million and is likely to stay private
May 11, 2016 10:24 AM
E-commerce platform provider BigCommerce has raised $30 million that it plans to plow into products and expanding its base with midmarket retailers.
Investment firm GGV Capital led the Series E funding round, which was announced Tuesday. CEO Brent Bellm, who took over BigCommerce 11 months ago, says the company will use the money to reinvest in products as it targets midmarket retailers, those that sell between $1 million and $50 million per year online. The vendor previously focused on small to medium-size retailers.
“The biggest thing we always spend on is products and building out the suite of capabilities that help our merchants sell more,” he says. Those products include the vendor’s front-end design, called Stencil, conversion tools and omnichannel tools including its partnership with mobile payments system Square. Bellm defines omnichannel as selling through channels other than a retailer’s own website.
This latest round of funding also puts to rest any potential talk of BigCommerce going public, at least for now.
This round is basically the financing we need to achieve break-even and to be a strong, independent company private or public, he says. “If the market conditions are right and we have a story that resonates at the right time, (going public) is a possible outcome for us, but we’re clearly not going public now because we just raised a Series E.” Bellm says.
As recently as late March Bellm said an initial public offering was under consideration.
According to Top500Guide.com, BigCommerce is the e-commerce platform vendor for nine retailers in the newly released Internet Retailer 2016 Top 1000, including Rock Bottom Golf (No. 389), Creekstone Farms Premium Beef LLC (No. 492) and Our Pampered Home (No. 588).
GGV Capital also participated on a $100 million Series C round for Boxed Wholesale, No. 405 in the Internet Retailer 2016 Top 500 Guide, and a finalist for the Emerging Retailer of the Year award at next month’s 2016 Internet Retailer Excellence Awards, which will recognize leading e-retailers on June 8 in Chicago during a banquet at the Internet Retailer Conference & Exhibition.