Elastic Path has raised $8 million in a debt round of funding from Wellington Financial. The company’s technology lets users sell textbooks of the future, tablet magazines, videos, mobile apps, and public APIs. Elastic Path is especially focused on building an API platform for businesses to extend their commerce beyond a website.
Elastic Path Vice President of Marketing Matt Dione said that they will be using the funding to invest in their API platform, according to TechCrunch. Elastic Path is going to invest especially in their Cortex API, which is a service that lets you embed e-commerce capabilities in websites, mobile platforms, or in a car.
Elastic Path is also going to use the funding to integrate with content management companies like OpenText. Elastic Path is going to create a new form of commerce built on a deep distribution network.