Vancouver’s Elastic Path has secured a $60 million growth financing round from funds and accounts managed by BlackRock with participation from existing investors, led by Sageview Capital.
Elastic Path powers mission-critical digital commerce for the brands such as Intuit, Pella, Deckers Brands, T-Mobile, and over 250 other leading brands.
Elastic Path pioneered the Headless Commerce space in 2011 and spearheaded Composable Commerce in 2020.
With this new infusion of capital, the 22 year-old company has now raised over $120 million and is positioned to build on their 400+% year over year growth in 2021 as the market shift to Composable Commerce accelerates.
The market is rapidly moving to Composable Commerce, an approach where multiple best-of-breed vendors are “composed” together to create complete, functionally superior commerce solutions optimized for the unique needs of each brand.
“Sageview Capital has held a long-running thesis that nimble, API-first commerce solutions are the future of digital,” said Jeff Klemens, Partner at Sageview Capital. “Elastic Path is leading that transition, with the vision, team, and track-record to drive true market change. We are thrilled to extend our partnership.”
Elastic Path was co-foundered in 2000 by Harry Chemko, Mark Williams, Dave Koo, Ryan Orr, and Jason Billingsley.