E-commerce company ChannelAdvisor has received $30m (£15m) from venture capitalists in order to continue its rapid expansion.
The company, based in Richmond, Surrey, provides e-commerce channel management solutions has also brought in a new chief financial officer, Bill Brown, at the same time as the deal.
The funding round was led by US VC firm New Enterprise Associates (NEA) and also included existing investors Kodiak Venture Partners, Advanced TechnologyVentures, Southern Capitol Ventures and online auctioneer eBay.
ChannelAdvisor will use the additional capital to continue its growth into e-commerce channels such as paid search and comparison shopping engines.
Additionally the company plans to expand its offerings into new geographical locations as well as investigating acquisition opportunities.
Scot Wingo, chief executive officer of ChannelAdvisor, said: “This funding will enable us to build upon our industry-leading e-commerce channel management solutions and expand our expertise into new channels both in the US and internationally.
“ChannelAdvisor saw rapid growth in 2006 and we are excited to continue to focus on bringing the best products and services to help retailers sell more profitability online.”
As a result of the deal, Patrick Kerins, NEA General Partner, will join ChannelAdvisor’s board of directors.
He said: “We’ve been following ChannelAdvisor for a long time and we’ve increasingly been impressed by their superior technology, significant traction in the retail sector, and uniqueness of their ChannelAdvisor Complete product offering.”
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