Revolution Growth Invests $40 Million In Bigcommerce
Revolution Growth is an investment firm that was founded by former America Online executives Steve Case and Ted Leonsis. The venture firm has just made their largest investment thus far. The company has put $40 million in the form of a Series C round into Bigcommerce. Bigcommerce is an e-commerce company that helps small businesses set up an online store. Bigcommerce has raised a total of $75 million so far.
Bigcommece’s software-as-a-service platform can handle inventory, online payments, and even search engine optimization. Some of the other features includes multi-channel retailing, automated e-mail marketing, etc. The company currently has 35,000 clients and they were profitable as of last year.
Founded by Eddie Machaalani and Mitchell Harper, Bigcommerce charges as little as $25 per month for merchants to set up a storefront online. Sales can start being made within 48 hours of setting up the online store. So far Bigcommerce has accounted for 17 million orders and has powered $2 billion in online sales. The company’s revenues have nearly doubled every year. They will be using the funding to expand their platform, product development, brand awareness, and international expansion.
“Bigcommerce is the big equalizer,” stated Case. “Now every entrepreneur can have Amazon-like e-commerce capabilities, in hours – not months or years.”