Vancouver-based Elastic Path Software has secured an additional round of investment, this time $5.35 million in equity investments led by BDC Venture Capital IT Fund, and support from Yaletown Venture Partners and an unknown group of individual investors. This is in addition to the $5 million in convertible debt and term facilities it received from Beedie Capital Partners back in March.
Elastic Path stated they plan to use the funds to “continue driving innovation for its patent-pending enterprise commerce products.” Elastic Path is “at the forefront of digital commerce”, serving market leaders such as Google, Pearson, Symantec, Time Inc., Virgin Media and Western Union, which all use its software to record billions of dollars in digital commerce revenue annually. The company’s platform is focused on creating a unified digital experience through the integration of content, commerce and data services for enterprises, and across every digital touchpoint for consumers.
Harry Chemko, CEO of Elastic Path, said, “The last few years have seen a real shift from ecommerce to experience-driven commerce. Brands have been caught off guard with the buying power of Millennials, how they shop and use technology, and how quickly they will switch to a competitor if they have a poor experience. Today, empowered consumers have high expectations when it comes to shopping. They want brands to tell engaging stories. They expect brands to iterate highly personalized offers fast, and in every setting, products must be easily added to the shopping cart.”