Spree Commerce, a US-based developer of an open-source electronic commerce platform based on Ruby on Rails software code, has raised $1.5m in its seed round from a consortium including corporate venturing unit AOL Ventures.
Venture capital firm True Ventures led the seed round, and was joined by angel investor Sean Glass.
The Spree project began four years ago with a blog post and then received contributions from more than 100 people.
Sean Schofield, chief executive of Spree Commerce, said: "Spree has always been 100% open source and it will always remain that way. The licensing terms have not changed nor will they do so in the future. The license is intentionally permissive so that anyone can use Spree for personal or commercial use. I’ve been involved in open source software for over 10 years now and I’m beyond convinced that it is the most efficient and rewarding way to create software."