Vancouver-based software firm Elastic Path has closed its latest funding round to the tune of $43 million.
“We hit cash-flow positive in 2016. That really set us up now for taking that foundation that we’ve built and really starting to pour some resources towards it,” CEO Harry Chemko told Business in Vancouver.
Elastic Path recently opened a new office in Toronto and Chemko said the goal by year’s end is to add at least 50 people onto its current roster of more than 150 employees.
Elastic Path will use the new money to expand its global sales and marketing teams, while the CEO said he has “big expansion” plans for the research and development teams based in Vancouver and Toronto.
The company, which specializes in back-end software for e-commerce platforms, has raised a total of $63 million to date.
Sageview Capital led this latest Series B growth investment, with participation from earlier investors, Yaletown Partners and BDC Venture Capital.
“What’s evolved for us over the last several years is that people want to implement e-commerce platforms that go way beyond a web store or maybe a mobile app, and there’s been a real big explosion in all of those IoT [Internet of things] touchpoints that are out there,” Chemko said.
“What we’re find now is that more brands now and companies are starting to want to take advantage of all these different digital IoT-type experiences you can have and create this really unified experience around that.”
The company announced in May it’s experiencing 100% year-over-year growth in Europe, where its customers include the Swisscom AG telecommunications company and French electronics retailer Boulanger.