November 4, 2008 ChannelAdvisor Secures $20 Million in Funding
ChannelAdvisor Secures $20 Million in Funding
Software-as-a-Service (SaaS) Leader in E-commerce Channel Management Accelerates Path to Profitability
Research Triangle Park, NC “September, 4 2008 – ChannelAdvisor, the leading provider of e-commerce channel management solutions, today announced it has received an additional $20 million in funding to accelerate its growth. The funding round was led by New Enterprise Associates (NEA) with participation from current ChannelAdvisor investors Advanced Technology Ventures, Kodiak Venture Partners, eBay and Southern Capitol Ventures.
Additionally the company plans on implementing a restructuring plan that will both streamline operations and accelerate the company’s path to profitability.
“We continue to be increasingly impressed with ChannelAdvisor’s superior technology, significant traction in the retail sector, and leadership in the software as a service e-commerce industry,” says Patrick Kerins, General Partner of NEA. “We’re not only excited that the company continues to grow rapidly, but will also be able to do so profitably.”
During the past year, ChannelAdvisor’s revenues have grown over 55% and gross merchandise value (GMV) has grown over 45%. Additionally, the company has experienced significant customer growth, now boasting more than 100 top internet retailers from the prestigious Internet Retailer magazine’s Top 500 list.
With several acquisitions over the past two years, ChannelAdvisor has expanded its paid search offerings, distanced its leadership in the online marketplace space and most recently entered into the rich media segment with the acquisition of RichFX.
“ChannelAdvisor has grown rapidly over the last two years, both organically and via two material acquisitions, and has strengthened its leadership position in the e-commerce channel management space,” says Scot Wingo, CEO of ChannelAdvisor. “With the additional financing and restructuring of the company, we are excited about accelerating our path to profitability. We have reached not only a revenue scale that very few Software-as-a-Service companies have achieved, but also outstanding growth and profitability metrics.”
The following ChannelAdvisor leaders will take on expanded roles as part of the restructuring:
David Spitz, Vice President of Operations, is responsible for global products, services, and finance operations.
Michael Jones, Vice President of Business Development, Marketing and Strategic Partnerships, currently leads ChannelAdvisor’s global marketing, business development, corporate development and acquisition strategies. Jones will be expanding his role to include global sales and revenue responsibilities.
Scott Alridge, Vice President and General Counsel, will be expanding his role to include human resources operations.