The e-commerce startup said the new capital will enable it to accelerate what it claims is its leadership in the composable commerce movement.
Sageview Capital led the most recent round with participation from several existing investors.
The latter involves selecting the best commerce components and combining them into a custom application built for specific business needs. Elastic Path says that approach allows brands “to curate a best-of-breed solution that provides the flexibility to fit their unique business requirements.”
Elastic Path claims that over 250 leading brands employ its digital commerce solutions, including Intuit and T-Mobile.
Sageview Capital led the most recent round with participation from several existing investors that were not disclosed. The closing date of the round was also not disclosed.
Sageview led Elastic Path’s $60 million round earlier this year, as well as the startup’s $43 million Series B round in 2018. The latter saw participation from Yaletown Partners and BDC Venture Capital. Elastic’s financing from earlier this year also included investment from funds and accounts managed by BlackRock.
“Sageview Capital partners with industry-disrupting companies that are redefining legacy initiatives,” said Jeff Klemens, partner at Sageview Capital. “Our ongoing confidence in the team at Elastic Path is predicated on their commitment to leading and championing a new era in Composable Commerce.”
Founded over two decades ago, Elastic Path initially launched as a custom development shop building open-source business applications and websites. Shifting its focus in 2011 to an API-first approach to commerce solutions, the startup’s main offering became Elastic Path Commerce, a platform designed to help companies build retail experiences based on emerging technology.
Through its acquisition of digital commerce company Boston-based Moltin in 2020, Elastic Path hired Jamus Driscoll as its CEO who held the same position at Moltin. He replaced Elastic Path co-founder Harry Chemko, who assumed the role of chief strategy officer.
American consulting firm Gartner Research is credited with coming up with the term composable commerce in 2020. In its report, the firm said that “application leaders responsible for digital commerce should prepare for a ‘composable’ approach using packaged business capabilities to move toward future-proof digital commerce experiences.
While Elastic Path identifies itself as the Canadian leader in composable commerce, it’s not alone in the sector. Toronto-based MyPlanet also moved into the area of composable commerce and raised $14 million CAD in August, claiming at the time that it is “the largest composable commerce specialist in North America,”
Among its 2022 achievements, Elastic Path claimed it experienced 200 percent year-over-year growth in subscription bookings; and brought three new executives into the firm. The latter were Kristin Hambelton, chief marketing officer; Tamra Gray, vice president of payments; and Joanna Kmiec, vice president of people and culture.
Feature image courtesy Elastic Path.