Elastic Path has topped up its $60 million financing round in February with an additional $30 million from Sageview Capital and existing investors, the Vancouver-born company announced this week.
The top-up funding comes as the Team True North member reported a 200% increase in books year-over-year.
“Never has there been a more exciting time in the history of digital commerce,” believes Elastic Path chief executive James Driscoll.
Driscoll says that “rapidly changing market dynamics” spurred the concept of “Composable Commerce,” which enables brands to curate a best-of-breed solution that provides the flexibility to fit their unique business requirements.
With any multi-vendor approach, there’s an added complexity of integrating, managing, and troubleshooting disparate technologies, which can become prohibitive to brands, the company notes. Elastic Path says it is dedicated to reducing the complexity and risk of a multi-vendor approach by providing unparalleled partnership, enabling all brands to leverage Composable Commerce.
“Our ongoing confidence in the team at Elastic Path is predicated on their commitment to leading and championing a new era in Composable Commerce,” affirmed Jeff Klemens, partner at Sageview Capital.
In addition to securing capital, Elastic path recently welcomed three new executives: Kristin Hambelton, chief marketing officer; Tamra Gray, vice president of payments; and Joanna Kmiec, vice president of people and culture.
Founded in 2000, Elastic Path powers mission-critical digital commerce for more than 200 major brands including Intuit, Deckers, and T-Mobile. The BC company says it is hiring “across all departments and geographies.”