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Shopify raises USD 100 Mn in Series C funding round

shopifyShopify announced today that it has raised USD 100 Mn in its Series C funding. According to the blog post, this latest round of funding was included OMERS Ventures and Insight Venture Partners along with existing investors Bessemer Venture Partners, FirstMark Capital, Georgian Partners and Felicis Ventures.

The post by Tobias Lütke, Chief Executive Officer, Shopify, further states that Shopify is expanding focus to also include the physical retail world. The Canadian company is aiming to come up with a unique product that fuses offline and online retailing. The funds raised would undoubtedly help the company build their product to transition from a eCommerce company to a commerce company.

With this aim, the company had also introduced the company a point-of-sale system and Square-style mobile card reader earlier this year to allow online selling even from inside a brick and mortar store. The idea was to allow a retail store to easily synchronize in-store and online inventory, process and accept credit cards, and generate sales reports with the Shopify POS hardware and software.

Currently the company has a user base of over 80,000 and has generated USD 1.5 Bn in sales of products using its platform. However, Harley Finkelstein, Chief Product Officer, Shopify, said,“Thirty percent of our merchants have told us that they sell on some kind of offline channel. Our future is that it’s not about online vs. offline shopping — it’s only about retail.”

Learn more from Harley Finkelstein, Chief Product Officer, Shopify, at Internet Retail Expo 2014.

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