Vancouver-headquartered Elastic Path has raised a $60 million financing round. It was led by Sageview Capital with participation from existing investors, as well as funds and accounts managed by BlackRock, an investment management company based in New York.
The new capital brings Elastic Path’s total funding to over $120 million, positioning the e-commerce tech firm to build on what it describes as a “strong 2021” that saw an over 400 percent year-over-year growth.
Founded over two decades ago, Elastic Path was initially launched as a custom development shop building open source business applications and websites. The global startup operates out of Boston, Newcastle, Reading, Toronto, and Vancouver.
Shifting its focus in 2011 to an API-first approach to commerce solutions, the company’s main offering became the Elastic Path Commerce, a platform designed to help companies build retail experiences based on emerging technology.
In 2020, Elastic Path claims that it led the “composable commerce movement,” the selection of the best commerce components and combining them into a custom application built for specific business needs.
The startup’s technology is used by Intuit, Pella, Deckers Brands, and T-Mobile among over 250 other brands.
With the company’s announced $60 million financing, Janna Brockmeyer, manager, engineering in product at Elastic Path, noted on LinkedIn that she’s “ready to put some of this funding to work with adding new members to [her] team.”
Elastic Path previously secured multiple investments to expand its workforce and sales and marketing efforts. Sageview Capital also led Elastic Path’s $43 million Series B in 2018, which saw participation from Yaletown Partners and BDC Venture Capital.
Through its acquisition of Boston-based Moltin, a player in the digital commerce field, in 2020, Elastic Path hired Driscoll as its CEO who held the same position at Moltin. He replaced co-founder Harry Chemko, who assumed the role of chief strategy officer.
Following Driscoll’s appointment, Bryan House joined the startup as senior vice president of product to lead UX and product management. Brad Habansky was also hired as senior vice president of sales to oversee account management, pre-sales, and customer success.