Composable commerce firm Elastic Path nailed $60 million in a growth financing round from BlackRock-managed funds and accounts, with existing investors joining the round led by Sageview Capital.
“As digital moves from a channel to the heart of the enterprise, brands demand more: More speed. More control. More flexibility. And our strong growth is clear evidence that we are meeting that demand with a product that enables brands to manage the complexities of their business,” Jamus Driscoll, CEO at Elastic Path, said in a press release on Monday (Jan. 31).
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The new funds bring the company’s total raised to more than $120 million since launching in 2000. Elastic Path said it is now ready to head the industry shift to composable commerce from traditional. The company said it is also positioned to capitalize on the market shift to composable commerce.
As the market continues its fast move to composable commerce, tops vendors are “composed” together to “create complete, functionally superior commerce solutions optimized for the unique needs of each brand,” per the release.
“Sageview Capital has held a long-running thesis that nimble, API-first commerce solutions are the future of digital,” said Jeff Klemens, Partner at Sageview Capital. “Elastic Path is leading that transition, with the vision, team and track-record to drive true market change.”
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Elastic Path posted 2021 results that included more than 400% year-over-year growth, over 140 product launches, 25-plus new Pre-Composed Solutions and Accelerators now part of the Composable Commerce Hub. The company also has new leading enterprise customers including Konica Minolta, Harper Collins, Orgill, and DMSI.
Headquartered in Vancouver, Canada, Elastic Path was co-founded by Harry Chemko, who serves as chief strategy officer.
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