commercetools Signs $145 Million Deal With Insight Partners to Accelerate Global Growth
New Financing Enables Disruptive Cloud-Native, Headless and API-First Commerce Platform to Build on Its Success and Drive Further Ambitious Expansion Plans in North America, Asia-Pacific and Europe
commercetools, a leader in next-generation commerce software, announced a $145M USD (€130 million) investment from global venture capital and private equity firm Insight Partners to support the company’s plans for further growth in the USA, Asia-Pacific and Europe.
@commercetools signs $145 Million financing deal with @insightpartners to accelerate global growth
Since the launch of its API commerce platform in 2013, Germany’s commercetools has aimed to disrupt the commerce software market. The company’s true cloud, headless and API-first commerce platform helps brands break away from restrictive legacy e-commerce software. Using the commercetools platform, brands are able to create more engaging and higher revenue-driven commerce experiences that are easier and quicker to build, grow and manage across any channel.
“Rather than relying on increasingly outmoded software, brands, manufacturers and distributors are choosing our cloud-native and modern software platform to transform their digital commerce for today’s consumers,” said Dirk Hoerig, CEO and co-founder, commercetools. “To answer this demand, we have built a strong and successful international business and this new investment will enable us to intensify the pace of our growth into the North American and Asia-Pacific markets, as well as leverage our success in Europe. The scale of this funding, combined with our tremendous strengths in technology and the quality of the team we are building, significantly furthers our ambition to become the number one commerce platform globally.”
This new financing builds on the rapid growth of commercetools over the last 18 months. The company has opened new operations in the UK and Asia-Pacific and has built up a large and growing roster of clients including Audi, Bang & Olufsen, Carhartt, and Yamaha.
As part of the deal, Richard Wells and Matt Gatto, seasoned software investors and Insight Partners Managing Directors, will both join commercetools’ board of directors.
Wells said, “With a strong track record of investing in retail software leaders, we are excited to have the opportunity to invest in commercetools and help them scale up internationally. In our opinion commercetools represents the next wave of enterprise commerce software and has the potential to unlock powerful innovation and growth within the e-commerce sector.”
Gatto added, “We are looking forward to partnering with commercetools and providing more than 20 years of software and operational insights and best practices to help them continue to scale.”
REWE Digital GmbH, which is part of the global retail and hospitality business REWE Group, remains a major shareholder and investor of commercetools. Jan Kunath, member of the executive board of REWE Group, said: “Over the last five years commercetools has grown under REWE digital from a start-up to a category leader in the enterprise commerce space. With Insight Partners we found the best partner to join with REWE digital to further support commercetools on its journey to market leadership.”