Elastic Path Raises $90 Million in 2022
Following 200% YoY Growth, Funding To Accelerate Elastic Path Leadership in Composable Commerce
BOSTON–(BUSINESS WIRE)– Elastic Path, the leader of the Composable Commerce Movement, is marking the end of 2022 with a total of $90 million in financing, 200% year-over-year growth in bookings, and 221 product releases. The $90 million includes $60 million announced in February, plus a recent addition of $30 million in growth funding led by Sageview Capital with participation from additional existing investors. This new capital will allow Elastic Path to accelerate its leadership in Composable Commerce.
Composable Commerce 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. Elastic Path is dedicated to reducing the complexity and risk of a multi-vendor approach by providing unparalleled partnership, enabling all brands to leverage Composable Commerce. In 2022, this commitment was showcased by the company’s launch of EP Payments, a pre-integrated payments solution; the release of the D2C Starter Kit, a composable frontend framework, available as open-source code on the company’s Github; and the creation of an Integrations Hub, a central repository of pre-built low code integrations. These advancements reduce the potential risk of a composable approach and empower brands to realize the benefits of Composable Commerce.
Additional highlights from the past year include:
200%+ year-over-year growth in subscription bookings
Launched EP Product Experience Manager (PXM), reinvented product data & catalog management, and EP Payments, pre-integrated payments
221 new product releases focused on empowering brands to merchandise without limits and delivering differentiated commerce experiences with ease
Recognized as a Visionary in the Gartner Magic QuadrantTM for Digital Commerce
Included in the Gartner Market Guide for Product Information Management Solutions
Became the first and only MACH-based commerce vendor to enable HIPAA compliance
Welcomed three new executives: Kristin Hambelton, chief marketing officer; Tamra Gray, vice president of payments; and Joanna Kmiec, vice president of people and culture
Recognized as a Great Place to Work in the U.S., Canada, and the UK by the Great Place to Work Institute®
“Sageview Capital partners with industry-disrupting companies that are redefining legacy initiatives,” said Jeff Klemens, partner at Sageview Capital. “Our ongoing confidence in the team at Elastic Path is predicated on their commitment to leading and championing a new era in Composable Commerce. We look forward to a long partnership and continued innovation.”
“Never has there been a more exciting time in the history of digital commerce, proven by a demand to adapt to rapidly changing market dynamics which we are addressing with Composable Commerce,” said Jamus Driscoll, CEO at Elastic Path. “We are grateful to partners like Sageview Capital and others for sharing in our vision and trusting our team to deliver solutions for customers in an ever-changing industry.”
Elastic Path is hiring across all departments and geographies. Please view job openings on the company’s careers page.
Source: Cyprus News Agency