US-based e-commerce software producer BigCommerce filed on Monday to raise up to $100m in an initial public offering that would enable corporates Telstra, Softbank and American Express to exit.
BigCommerce has developed a software platform that enables businesses to create their own online stores and connect them to online marketplaces, social media accounts and point-of-sale systems.
The company more than halved its Q1 losses year on year to $4m in 2020 while boosting its revenue almost 30% to $33.2m in the same period.
The offering will come in the wake of $219m in funding including $64m in an April 2018 round led by investment bank Goldman Sachs’ Private Capital Investing division and backed by General Catalyst, GGV Capital and Tenaya Capital.
GGV Capital led a $30m series E round for BigCommerce in 2016 that also featured payment services firm American Express and telecommunications companies Telstra and Softbank, which invested through American Express Ventures, Telstra Ventures and Softbank Capital respectively.
General Catalyst, Revolution Growth, Tenaya Capital, Split Rock, Floodgate and Stephan Schambach also took part in the 2016 round.
SoftBank Capital had led the company’s $50m series D round in 2014, investing alongside Telstra Ventures, American Express and existing backers General Catalyst and Revolution Growth. Its earlier investors also include Floodgate.
BigCommerce has not revealed details of the stakes held by its main shareholders, but SoftBank, GGV Capital, General Catalyst and Revolution Growth each own more than 5% of the company.
Morgan Stanley and Barclays are lead book-running managers for the offering, which is slated to take place on the Nasdaq Global Market.
Jefferies and KeyBanc Capital Markets have been appointed book-running managers while Canaccord Genuity, Needham & Company, Raymond James and SunTrust Robinson Humphrey are co-managers.
