The funding helps Commercetools reach a valuation of $1.9B. Here are the top-line bullets you need to know.
Commercetools, a provider of e-commerce APIs for large retailers, has raised $140M in a Series C. The round drew participation from Accel, REWE Group, and Insight Partners.
HOW’S THE COMPANY PERFORMING?
- Germany-based Commercetools’ cloud-native, headless commerce capabilities help retailers create customized digital commerce experiences.
- The company caters to global brands and Fortune 500 companies across various areas, such as manufacturing, retail, fashion, and telecommunications. Some of its clients are AT&T, Burberry, BMW, The LEGO Group, Audi, and Vistaprint.
- The company offers about 300 APIs around 9 suites of services, and it also maintains a wide network of integration partners.
- Commercetools has driven $10B of sales annually for its customers.
- The company has 300 employees across offices in Berlin, Jena, Amsterdam, London, Durham, Melbourne, and Singapore.
WHY DOES THE MARKET MATTER?
- The e-commerce market is projected to grow at a CAGR of 22.9% to reach a value of $16.2T by 2027, according to Meticulous Market Research.
- The Covid-19 pandemic drove up demand for online shopping, which led to efforts to implement digital technologies to improve e-commerce website performance and experience.
- Investment in e-commerce initiatives has increased by more than 50% since last year.
- Given Amazon’s stronghold over the online retail market, retailers are doubling down on unique strengths like niche assortment and distinctive convenience and consolidating through mergers, acquisitions, and partnerships.