Munich-based commercetools secures €119 million Series C funding round to accelerate global growth

1 month ago 19

Commercetools

commercetools, the pioneer of the headless commerce movement, today announced a €119 million investment completing its series C funding round. Led by global tech investor Accel, alongside existing investors Insight Partners and REWE Group, the capital raised will fuel the company’s global expansion and allow commercetools to continue to help enterprises embrace the modern way of building their ecommerce environments.

Founded in 2006, so not exactly a startup anymore but rather a fast-growing scale-up, commercetools provides a headless, API-first, multi-tenant SaaS commerce platform that is cloud-native and uses flexible microservices. Using modern development building blocks in a true cloud platform provided by commercetools, customers can deliver the best commerce experiences across every touchpoint on a large scale.

Dirk Hoerig, founder and CEO of commercetools, is excited that Accel chose to support the company in its mission to become the global market leader in commerce experience technologies. He commented: “We are singularly focused on providing all the tools and building blocks our customers need to deliver outstanding shopping experiences and innovation to consumers. This latest funding round will further accelerate our growth towards this target.”

commercetools, which recently secured a spot on the exclusive 2021 List of Unicorn Companies recognizing privately held companies worth over $1 billion, has experienced accelerated growth in the past year as the global pandemic changed commerce forever. When the pandemic hit, companies needed to react in days to supply chain issues, the shuttering of brick-and-mortar stores, and ultimately how consumers interacted with them. Legacy commerce platforms lacked the speed and agility to enable companies to shift on a dime, and stifled their ability to capitalize on the explosive growth of commerce.

According to CEO Dirk Hoerig, commercetools is leading the movement of a new way to do commerce that is API first. Big global brands are already embracing the “Modern Commerce movement”, with companies including AT&T, Audi, John Lewis, The LEGO Group, Takeaway.com and Volkswagen leveraging commercetools to deliver superior commerce experiences across all touchpoints with agility and speed.

commercetools plans to use the fresh capital from this Series C round to expand sales and marketing efforts in North America, Europe, and APAC, which will ultimately help more businesses eliminate legacy commerce platforms and embrace the modern way of building a commerce environment. The funding will also be used to extend the commercetools product portfolio and expand its partner ecosystem. This includes investing in third-party channel relationships that will make technology integrations and extensions with commercetools even easier.

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