Germany-based e-commerce software provider Commercetools raised $140m in a series C round featuring retail and tourism company Rewe Group yesterday.
Venture capital firm Accel led the round, which was filled out by growth equity firm Insight Partners and which valued the company at a reported $1.9bn.
Commercetools provides a suite of about 300 e-commerce application programming interfaces (APIs) aimed at large enterprises. It also lets them design their own customised checkouts and shopping experiences, as opposed to using premade templates, through what it calls headless commerce.
Having already experienced a growth spurt during the pandemic as much of the retail space shifter online, the latest funding will be put towards accelerating the company’s global expansion plans, growing its marketing and sales operations across Europe, North America and the Asia Pacific region.
Commercetools will also pursue strategic acquisitions to more quickly scale up its customer base. Insight Partners led a $145m funding round for the company in October 2019 at a valuation a source told TechCrunch was near $300m, getting two board seats in the process.
Dirk Hoerig, founder and chief executive of Commercetools, said: “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 is leading the movement of a new way to do commerce that is API first. When we pioneered the headless commerce space eight years ago, we built the foundation to change our whole industry for the better and reinvented e-commerce.”
