Launched back in 2009 by Eddie Machaalani and Mitchell Harper, Bigcommerce has already helped tens of thousands of companies create online stores, market their businesses and build brands. Through its software as a service (SaaS) platform, businesses can build, manage, and grow e-commerce websites for $25 a month, and make their first sale within 48 hours.
Bigcommerce has, to date, processed more than US$1.3 billion in transactions for some 32 thousand store owners. According to its website, Bigcommerce stores exist in 25 different industries, in over 65 countries, ranging from companies that earn hundreds of dollars annually to those that get tens of millions in revenues.
According to the press release, Revolution Growth’s investment in Bigcommerce is the fund’s largest investment to date, reflecting its commitment to scaling the company and its belief in the potential for Bigcommerce to transform the e-commerce market. The new funding will help the company aggressively build out its platform, adding hooks to empower a rapidly growing ecosystem of apps as well as adding new features and capabilities. In addition, the company will invest in brand and awareness building to enable Bigcommerce to expand into new vertical and international markets.
“Our platform radically simplifies the e-commerce experience for small and medium sized businesses, allowing them to compete and win against their larger competitors,” said Bigcommerce co-founder and co-CEO Eddie Machaalani. “The team at Revolution Growth has a deep history in e-commerce, from its birth via AOL, to investing in a variety of commerce-based businesses in the decades that have followed. Their expertise will be invaluable as we look to rapidly scale our platform and grow our customer base.”
The US$40 million in a Series C funding round, brings Bigcommerce total funding to date to US$75 million. This is one of, if not the biggest, US venture capital investments in an Australian startup company in the last few years. Revolution Growth Fund founder Steve Chase is also the co-founder of AOL, a multinational mass media corporation. AOL is well known in the technology space for acquiring media powerhouses such as The Huffington Post and TechCrunch, as well as other companies such as About.Me and Netscape. View the full list of AOL’s acquisitions on Wikipedia.