May 1, 2007 ChannelAdvisor Secures $30 Million in Funding
Leader in E-Commerce Channel Management Software as a Service Accelerates Expansion and Hires New CFO
Research Triangle Park, NC – May 01, 2007 – ChannelAdvisor, the leading provider of e-commerce channel management solutions, today announced it has received an additional $30 million in funding to fuel the company’s aggressive expansion in the e-commerce channel management industry. The funding round was led by New Enterprise Associates (NEA) with participation from current ChannelAdvisor investors Kodiak Venture Partners, Advanced Technology Ventures, Southern Capitol Ventures and eBay.
ChannelAdvisor will leverage the additional capital to continue its growth into e-commerce channels such as paid search and comparison shopping engines. Additionally the company plans to expand its offerings into new geographies and investigate acquisition opportunities. Additionally, Patrick Kerins, NEA General Partner, will join ChannelAdvisor’s board of directors.
“We’ve been following ChannelAdvisor for a long time and we’ve increasingly been impressed by their superior technology, significant traction in the retail sector, and uniqueness of their ChannelAdvisor Complete™ product offering,” says Patrick Kerins, General Partner of NEA.
“This funding will enable us to build upon our industry-leading e-commerce channel management solutions and expand our expertise into new channels both in the US and internationally,” says Scot Wingo, Chief Executive Officer of ChannelAdvisor. “ChannelAdvisor saw rapid growth in 2006 and we are excited to continue to focus on bringing the best products and services to help retailers sell more profitability online.”
The company also announced that Bill Brown has joined the company as Chief Financial Officer to manage all of the company’s financial activities.
Bill, a 25-year financial and accounting veteran has served as Chief Financial Officer at several Massachusetts-based Software-as-a-service (SaaS) on-demand companies, including Lightbridge, a Burlington, MA company Bill helped take public in 1996. Bill received a Bachelor of Science Degree in Business Administration from the School of Management at Boston University.
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners and practicing its profession with the highest standards and respect. NEA focuses on investments at all stages of a company’s development, from seed-stage through IPO. With approximately $8.5 billion in committed capital, NEA’s experienced management team has invested in over 550 companies, of which more than 155 have gone public and more than 225 have been acquired. NEA has US offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai China. For additional information, visit www.nea.com.