Elastic Path, an enterprise headless commerce solutions provider, has completed a $33million Series B financing round. The capital was led by private investment company Sageview Capital, with participation from current investors Yaletown Partners and BDC Venture Capital. This additional capital brings Elastic Path’s total funding to $54.4 million.
With the funding, Elastic Path will be hiring new sales and marketing personnel as it plans to open a new office in Toronto.
“The decision to purchase a digital commerce system is one of the most difficult a company can make, since the future of the entire business hangs on its success,” said Harry Chemko, CEO of Elastic Path, in a statement. “We want to minimize the risk for large corporations contemplating their inevitable digital transformation. We’ll be using this funding to significantly ramp-up research and development efforts to address the B2B market and continue innovating on our industry-leading architecture.”
The company has experienced a 120% increase in subscription revenues and has doubling the number of partners in its ecosystem, adding systems integrators IBM iX, TC, Cognizant and Sirius to its network.
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