ChannelAdvisor Raises $18 Million In Additional Financing
Additional Funding to Fuel Aggressive Expansion
Research Triangle Park, NC – April 28, 2005 - Research Triangle Park, NC – April 28, 2005 – ChannelAdvisor, the leading provider of channel management solutions (CMS), announced today that it has secured $18 million in additional funding, led by Advanced Technology Ventures, a venture capital firm focusing on information technology. Advanced Technology Ventures joins Kodiak Venture Partners, Blue Sky Ventures, eBay (NASDAQ: EBAY), Tri-state Investment Group and Southern Capitol Ventures as investors.
ChannelAdvisor will use this funding to accelerate and expand its global marketing and sales, in addition to seeking opportunities for strategic acquisitions that could help meet ChannelAdvisor’s accelerated growth, customer demand and its overall market opportunity for channel management solutions. In addition, ChannelAdvisor will expedite development and evolution of its technology platform and penetrate new markets with this funding.
“We have been watching the broader e-commerce space and believe channel management solutions (CMS) will see explosive growth in the near future,” says Bob Hower, Partner of Advanced Technology Ventures. “We are investing in ChannelAdvisor because we believe in the growth potential of the company and in particular want to support the company’s Global expansion plans, as well as the strengthening of its North American market presence.”
Bob Hower of Advanced Technology Ventures joins ChannelAdvisor Board of Directors. Other board members include John Abraham of Kodiak Ventures, Rashid Ashraf of Blue Sky Ventures, Tim Buckley and Richard Holcomb.
“This round will enable us to reach our goal and vision of Helping the World Sell Online,” says Scot Wingo, CEO and President of ChannelAdvisor. “This fund-raising follows two of the strongest quarters in the company’s history and we just hit our first quarter of over $1 billion of global Gross Merchandise Value (GMV) annual run rate,” says Scot Wingo, CEO and President of ChannelAdvisor.
About Advanced Technology Ventures
Founded in 1979, Advanced Technology Ventures (ATV) is a bi-coastal venture capital firm with more than $1.4 billion in capital under management. We work closely with entrepreneurial teams in several technology markets, including communications, IT infrastructure, software and services, and healthcare technologies, to build emerging-growth business ventures into market leaders. With more than 25 years of experience, ATV has a proven track record of success in helping to build strong, sustainable business enterprises. For more information, please visit our Web site at www.atvcapital.com.
About ChannelAdvisor Corporation
ChannelAdvisor Corporation provides technology and services that enable leading online retailers to maximize their products across multiple e-commerce marketplaces such as eBay, Amazon.com and Overstock.com, comparison shopping engines such as Shopping.com, Shopzilla, Nextag and Google Product Search and search engines such as Google, Yahoo! and MSN. In 2006, ChannelAdvisor managed over $1.6 billion in gross merchandise value (GMV) on behalf of its customers. ChannelAdvisor solutions combine best practices, on-demand software and integration technology to help retailers sell more products, faster, by automating labor-intensive, manual functions so they spend less time optimizing campaigns and more time solving marketing and business issues. ChannelAdvisor's customers include, GSI Commerce, Sears, Brookstone, Abebooks and Motorola. ChannelAdvisor Corporation is headquartered in Research Triangle Park, NC with offices in Seattle, the United Kingdom and Germany. For more information, visit http://www.channeladvisor.com/.
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