German Software-as-a-Service platform commercetools has raised EUR 130 million (USD 145 million) from global venture capital Insight Partners to further its growth plans in the United States, Asia-Pacific, and Europe, according to a statement from the company.
As part of the deal, software investors and Insight Partners’ managing directors Richard Wells and Matt Gatto will both enter commercetool’s board of directors.
Founded in 2006, commercetools provides an Application Programming Interface (API) platform that supports retailers to design and create “engaging and high revenue-driven” online commerce experiences, says the firm.
The company said that this round of financing came after an 18-month period of growth and expansion, where it extended its client’s portfolio to include Audi, Bang &Olufsen, Carhartt, and Yamaha, among others.
The company has recently established its Asia-Pacific headquarters in Singapore, where it provides development and operation’s collaboration (DevOps), as well as technical assistance, training, and sales and marketing support. The firm has also offices in Germany, the Netherlands, Great Britain, and the United States.
“Asia-Pacific has one of the highest Internet and smartphone penetration rates globally, and consumers in the region not only expect frictionless e-commerce experiences, but also have an increasing preference for digital wallets and payment platforms,” said Clara Lim, managing director for Asia-Pacific.
commercetools was acquired by REWE digital GmbH, part of REWE Group, in 2014, according to CrunchBase. Following this financing, REWE group remains a major shareholder and investor.
Insight Partners is a well-known investment firm within the software industry. It has made 370 investments to date and has had 93 exits, including social networking platform Twitter, online food ordering site Delivery Hero, online provider of stock images Shutterstock, and social networking and micro-blogging platform Tumblr. In Asia, its investment includes Chinese e-commerce platform JD.com and Alibaba Group.
Correction: An earlier version of the story misstated the investor as Insignia Venture Partners, it should be Insight Partners.
