Shopify Raises $100M To Drop The ‘E’ And Become The Commerce Company That Spans On- And Offline
Ottawa-based Shopify has already raised a considerable amount of money, especially for a Canadian company, and its Series C round continues that theme: The e-commerce company has raised $100 million from existing investors, as well as new ones, including OMERS Ventures and Insight Venture Partners; the goal is to help Shopify drop the ‘e’ and embrace all kinds of commerce, for all kinds of merchants, in all kinds of settings.
This $100 million round adds to the $22 million Series A and B rounds raised by the company in 2010 and 2011, both of which came considerably late compared to the startup’s original founding back in 2006. Shopify has had a revenue model since day one, however, and anticipates exceeding $1.5 billion in products sold via its platform this year. That’s more than double its $750 million in revenue last year, which makes sense because it has jumped from around 40,000 shops operating on its platform last year to over 80,000 at present. The new round also values the company at $1 billion, which is unheard of for a recent Canadian startup and an elite club regardless of where you’re based.
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