Shopify Nets $7 Million Investment
Dec. 22, 2010
Shopify, an Ottawa, Canada-based e-commerce storefront provider, announced this week it has secured $7 million in Series A funding from Bessemer Venture Partners, FirstMark Capital and Felicis Ventures. Shopify said it will use the proceeds for product development and international expansion. Shopify already serves customers in over 60 countries. The company also plans to invest in its technology, infrastructure and developer tools. “We founded Shopify because it was too difficult to get an online store up and running,” said Tobias Lutke, CEO and co-founder, Shopify. “While we are already profitable, the support gives us additional resources to improve our products and add value for our users. Our mission continues to be to make it as easy as possible for retailers of all sizes to start and run a business online.” Shopify processes more than $100 million in revenue for customers including General Electric, Tesla Motors, Amnesty International and the Foo Fighters.