Elastic Path Raises $5.35 Million Led by BDC Venture Capital
Elastic Path Software announced this morning that it has secured $5.35 million equity round led by BDC Venture Capital IT Fund, with participation from Yaletown Venture Partners and individual investors.
The Vancouver-headquarted company will use the funds to continue driving innovation for its patent-pending enterprise commerce products.
In 2013, Elastic Path helped 200 customers generate US $6.5 billion in sales using its technologies. The company’s platform unlocks ecommerce capabilities previously in the domain of the IT department and puts it in the hands of marketers, allowing merchandising offers, split testing and bundling to be created in minutes instead of months, without impacting the security, data and scalability of the backend systems.
“Unlike the larger, legacy ecommerce providers, Elastic Path’s platform was built from the ground up to integrate seamlessly with core business functions that previously existed in silos,” said Andrew Lugsdin, partner at BDC Venture Capital IT Fund. “This allows marketing to have a single view of the customer, make highly personalized offers and have that offer automatically reflected in sales, accounting, customer service and logistics systems. No one else has been able to do this as effectively and elegantly.”
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Part of BDC Venture Capita, the BDC Venture Capital IT Fund is a $150-million fund with an investment focus is on early stage, high growth companies with passionate and visionary entrepreneurs in the Enterprise, Internet and Mobile sectors. The fund has invested in many successful companies including Radian6 (acquired by Salesforce), Opalis (acquired by Microsoft), Bycast (acquired by NetApp), Q1 Labs (acquired by IBM), and Layer 7 (acquired by CA Technologies).
