Shopify, online marketplace provider founded in 2006, raised the bar for e-commerce venture capital players yet again. The company has raised $100 million in third round of professional funding, Series C.
Shopify was founded in 2006. Company has its own unique start-up story. Company's founder Tobias Lütke, Daniel Weinand, and Scott Lake were looking for a online marketplace for snowboarding equipment. But when they failed to find the same, they created their own. And here starts Shopify. The platform today claims to host 80,000 business in over 100 countries. Shopify reported $63.6 million transactions through its online stores on this Cyber Monday. Combining Black Friday sale, this figure rose to $100 million. This figure was $23.8 million last year. As per company they are most focused on fashion, apparel and electronic stores.
In Series C round of funding company received major funding from Insight Venture Partners and venture capital arm of Canadian pension fund OMERS. Apart from this company this round also receives participation from Bessemer Venture Partners, FirstMark Capital, Georgian Partners and Felicis Ventures. Prior to this shopify has received $22 million in two rounds of venture capital funding. Same values the company at $1 billion.
Company has now move towards a commerce company from being only an e-commerce company. Company already offers software for cash register in ipads, that works like Square's payment offering.
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