The Bigcommerce Austin Team
Bigcommerce has raised big bucks from Revolution Growth to help physical retailers keep up in an increasingly digital world.
The company helps small business owners create professional stores online. E-commerce is on the rise — Forrester recently said that online retail in the US is growing at a rapid rate,”outpacing sales growth in traditional stores and stealing market share from them.” Brick-and-mortar retailers need to establish an online presence if they want to stay afloat, but many don’t have the financial or technical resources to do this on their own, which is where Bigcommerce steps in.
“Small businesses are the heart and soul of the economy and are something I’ve always been passionate about helping,” said founder and CEO Mitch Harper to VentureBeat. “When we started Bigcommerce off the back of a credit card, we aimed to build a product that would empower them to sell online. We wanted to build a scalable, powerful e-commerce platform for every business in the world.”
Bigcommerce does more than assist with website creation. Its suite of tools include design, search engine optimization, data analytics, marketing, reporting, apps and integrations, security, product configuration, inventory management, payment processing and more, so small businesses can build sophisticated e-commerce sites. Owners can customize their stores and incorporate features like product reviews, coupons, and mobile compatibility.
Clients also receive individual attention from Bigcommerce’s “Success Squad” — a group of e-commerce “expert coaches” who spend one-on-one time with clients to help them launch and promote their stores and grow sales. The business is runs on a subscription model, of plans ranging from $24.95 to $299.95 a month, and Bigcommerce takes no commission or transactional fees.
36,228 store owners now use Bigcommerce and the company has processed over $2 billion in transactions and processed 17 million orders since it launched four years ago. It works across 25 industries in 65 countries around the world. Harper said the company has seen its business double by 1,400% each year.
The company competes with big companies like Amazon, eBay, and GoDaddy, as well as Shopify, Storenvy, Tictail and Magento. With this third round, the company plans to enter new vertical and geographic markets, invest in brand awareness and customer acquisition, and add new features and intgrations. Revolution Growth led the investment. The firm was founded in 2011 by former AOL execs Steve Cas, Ted Leonsis, and Donn Davis. The $450 fund invests in “speed-ups, making $$25-$50 million investments to tae these companies achieve mainstream adoption or leadership in the market. It focuses investments on the Eastern part of the U.S.
Bigcommerce is based in Australia, with sales and marketing teams in Austin, Texas. It has 260 employees and has raised $75 million to date. General Catalyst and Floodgate participated in the second round in September 2012.
Filed under: Business, Deals, Small Biz
Rebecca Grant 26 Jul, 2013
enclosure: http://venturebeat.files.wordpress.com/2013/07/bigcommerce.jpg?w=160
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Source: http://venturebeat.com/2013/07/25/bigcommerce-raises-40m-to-help-small-businesses-sell-more-online/
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