{"id":52384,"date":"2013-12-11T09:12:00","date_gmt":"2013-12-12T05:12:00","guid":{"rendered":"http:\/\/localhost\/?p=52384"},"modified":"2013-12-16T02:12:58","modified_gmt":"2013-12-16T10:12:58","slug":"shopify-100-million","status":"publish","type":"magazine","link":"https:\/\/brainstation.io\/magazine\/shopify-100-million","title":{"rendered":"Shopify Raises $100 Million Series C Round"},"content":{"rendered":"<p><img decoding=\"async\" style=\"float: right; margin: 5px 15px;\" src=\"\/public\/cache\/company\/220x145\/6277_shopify_255255255.png\" alt=\"\" width=\"220\" height=\"145\" \/>Shopify was founded in 2004 by Tobias L&uuml;tke, Daniel Weinand, and Scott Lake after the trio attempted to open an online snowboard store.&nbsp; L&uuml;tke, a programmer by trade, could not find a product that matched their store&#8217;s needs, so he decided to build one of his own.<\/p>\n<p><!-- pagebreak --><\/p>\n<p>Two years later the founders decided to share their code to help others sell items online and L&uuml;tke created a template for online stores in which clients would provide the pictures and products. Shopify was born.<\/p>\n<p>In 2010 Shopify announced a $7 million in Series A round. In 2011 they followed it up with a $15 million Series B round.<\/p>\n<p>Today Shopify <a href=\"http:\/\/www.shopify.ca\/press\">announced<\/a> that they have secured a $100 million Series C round that includes existing investors Bessemer Venture Partners, FirstMark Capital, Felicis Ventures, and Georgian Partners, joined by OMERS Ventures and New York&#8217;s Insight Ventures Partners.<\/p>\n<p>Shopify&#8217;s chief product officer, Harley Finkelstein told Techvibes that the $100 million will be used to transition the company from being an e-commerce platform to being a commerce platform.<\/p>\n<p>Finkelstein expanded: &#8220;Shopify has done a really good job of democratizing e-commerce. We&#8217;ve become a really great online retail platform With this money we want to move from being an e-commerce platform to being a commerce platform. Whether that&#8217;s online, offline or mobile, our view is that it doesn&#8217;t really matter where the transaction happens. What matters most is that retailers are providing consumers with choice on how they purchase.&#8221;<\/p>\n<p style=\"text-align: center;\"><strong>SEE ALSO:<\/strong> <a href=\"http:\/\/www.techvibes.com\/blog\/shopify-cyber-monday-2013-12-09\">Shopify Tops List of Cyber Monday Destinations Behind Only Amazon and eBay<\/a><\/p>\n<p>&#8220;Previously most companies started offline and then moved online eventually,&#8221; he continued. &#8220;We&#8217;re actually seeing companies starting online and then moving offline&mdash;whether that be a pop-up shop, farmers&#8217; market, cash and carrry tradeshow or even opening up a brick and mortar store after the fact. Shopify becomes this hub where all your data goes through&mdash;your inventory, your customer information, your financial reporting.&#8221;<\/p>\n<p>Finkelstein ended our call with the bold idea that &#8220;Shopify powers all of your commerce.&#8221; With $100 million dollars in the coffers it is only a matter of time.<\/p>\n<p>This week Shopify signed up its 80,000th customer and retailers who use Shopify are on track to book more than $1.6 billion in sales this year. Shopify has over 300 employees and is <a href=\"http:\/\/www.techvibes.com\/job\/global\/company\/shopify\">hiring<\/a>.<\/p>\n<p>According to the Globe and Mail, anonymous sources value Shopify as a $1 billion company based on this financing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shopify was founded in 2004 by Tobias L&uuml;tke, Daniel Weinand, and Scott Lake after the trio attempted to open an online snowboard store.&nbsp; L&uuml;tke, a programmer by trade, could not find a product that matched their store&#8217;s needs, so he decided to build one of his own. Two years later the founders decided to share [&hellip;]<\/p>\n","protected":false},"author":1358,"featured_media":52386,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"magazine-region":[],"magazine-series":[],"magazine-topic":[],"class_list":["post-52384","magazine","type-magazine","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/52384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine"}],"about":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/types\/magazine"}],"author":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/users\/1358"}],"version-history":[{"count":0,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/52384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media\/52386"}],"wp:attachment":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media?parent=52384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/categories?post=52384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/tags?post=52384"},{"taxonomy":"magazine-region","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-region?post=52384"},{"taxonomy":"magazine-series","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-series?post=52384"},{"taxonomy":"magazine-topic","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-topic?post=52384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}