Shopify raises $246 million through sale of five million shares

Harley Finkelstein Shopify

According to a report from Ottawa Business Journal, Shopify will raise $246 million through the sale of five million shares.

At the same time, Bessemer Venture Partners, the lead investor in Shopify’s series A investment round in 2010 and participant in its series B and C rounds, and several Shopify executives will sell another 2.5 million shares. That will raise an estimated $123 million, which will go to the selling shareholders.

OBJ reports that company will use the funding “to strengthen our balance sheet, providing us flexibility to fund our growth strategies,” according to a filing with securities regulators in the US. In total, 7.5 million shares will be offered, and the shares will be priced at $49.25 (USD $38.25).

In early August, Shopify released its financial results for Q2 2016, which revealed that the company’s total revenue for the second quarter was $86.6 million.