US-based ecommerce platform Rearden Commerce secured $133m in financing from existing investors JP Morgan Chase and American Express, and new investor Citi, on Wednesday. Part of the funding will be invested in the acquisition of US-based social buying service HomeRun.
Rearden raised $40m of series F funding, in September 2009, from venture capital firm Oak Investment Partners and Chase Capital Partners, an investment division of banking multinational JP Morgan Chase, an investor in the current round.
Chase Capital previously invested in Rearden’s $100m series E round, in 2008, as did American Express, which also backed Rearden’s $32.5m series D funding.
Dan Schulman, group president of American Express’ Enterprise Growth division, said: "We’re excited to continue partnering with Rearden Commerce to deliver the most personalised, localised and contextual offers to our SERVE customers and partners. With our next-generation digital payments platform and Rearden Commerce’s innovative merchant and consumer apps, we look forward to working together to transform personal and micro business commerce."
Jud Linville, chief executive officer of Citi Cards, added: "Citi’s goal is to be the world’s digital bank, and as part of this, we are committed to enhancing the client experience. Our collaboration and investment in Rearden Commerce will enable us to deliver more relevant and rewarding opportunities."
Rearden will use the capital for various high-growth initiatives – which would include the HomeRun acquisition – working capital and debt repayment. Previous companies acquired by Rearden include software-as-a-service company ExpenseWire, transportation marketplace company Global Ground Automation and ecommerce network Ketera.