Austin-based startup BigCommerce has raised $64million to drive its ecommerce business. The company powers ecommerce sites for 60,000 merchants, including big names like Sony and Toyota.
Since its founding in 2009, BigCommerce has now raised over $200 million. The company is looking to fill a growing need for retailers to bring the shopping experience online.
Retailers Go Where the Consumers Are Going: Ecommerce
BigCommerce’s success is a response to the recognition by global retailers that they need to put a serious focus on ecommerce. This latest investment was driven by Goldman Sachs, with continued backing from current investors GGV Capital, General Catalyst, and Tenaya Capital.
Jeff Richards, managing partner at GGV, feels extremely confident in the investment. “Every product company, brand company, physical retailer on the planet has decided they need to get serious about ecommerce… a huge category with a very big business that’s doing extremely well.”
BigCommerce Is Expanding Ecommerce Horizons
Responding to consumer trends toward social ecommerce, BigCommerce recently built an integration with Instagram for seamless direct in-app purchase experiences. It also has partnerships with Google and PayPal and is looking to expand these cross-platform opportunities.
With a robust business in the United States and Australia in place, the company is looking to expand to Europe and build its international presence.
BigCommerce targets brands that have between $1 million and $50 million in revenue. Shopify aims for small business while Salesforce’s recently acquired Demandware serves large enterprises.
Big Commerce for BigCommerce
BigCommerce’s own numbers are continually increasing – exceeding, by far, those of the clients they target.
CEO Brent Bellm said the company’s annualized revenue is nearing $100 million. Bellm indicated that an IPO might be on the horizon for BigCommerce. He feels the SaaS business model suits the company. Software-as-a-service (SaaS) – a model where software is centrally hosted and licensed on a subscription basis – is increasingly popular and has become a common software delivery model. It is sometimes known as “on-demand software.” Microsoft formerly referred to it as “software plus services.”
On Top of the Ecommerce Game
While SaaS business models are not inherently profitable, BigCommerce has its strategic revenue model in place and is set to continue growing. From its inception, it achieved near instant success. The company provides merchants complete commerce solutions delivered through the cloud.
On top of its game and ahead of the curve, BigCommerce has offered comprehensive setup features since its founding in 2009. From customizable design themes and hosting to catalog management, order management to payment and marketing solutions, it aims to be a centralized one-stop shop for brands and retailers looking to build a streamlined, cost-efficient ecommerce platform.
BigCommerce looked to fill the gap between Shopify and Demandware (now Salesforce Commerce Cloud) and is now the leading SaaS provider serving mid-market, enterprise-level sites. BigCommerce is the world leader in delivering openness and customizability on a SaaS platform.
