Irish eCommerce platform Wayflyer has become a unicorn — a private company with a valuation of at least $1 billion — after it raised $150 million in a Series B funding round that will help with hiring, product development and global growth, according to a Tuesday (Feb. 1) announcement.
Wayflyer, which offers revenue-based financing and marketing analytics for online companies, is Ireland’s sixth tech-focused unicorn and achieved the milestone in about 2.5 years, making it the fastest to do so, according to The Irish Times. The company doled out more than $500 million last year to eCommerce stores last year in chunks between $10,000 and $20 million.
“This investment will enable us to shape a new ecosystem for eCommerce,” the blog post stated.
Founder and CEO Aidan Corbett told the Times that Wayflyer will look to double its headcount to 500 employees in the next six to nine months, with most of the roles expected to be based in the company’s home country.
Wayflyer’s 800 customers are in 11 countries, and the fresh capital will help it expand across Europe and Asia. The company’s employees are based in Dublin, London, New York, Atlanta and Sydney, according to the report.
DST Global and QED Investors led Wayflyer’s latest fundraising effort, with participation from new investors Prosus, Madrone Capital Partners and J.P. Morgan and existing investors Left Lane Capital and Checkout. com founder Guillaume Pousaz, the blog post stated.
In May, Wayflyer raised $76 million in investment funding, saying it would use the money “to develop more solutions that help eCommerce businesses scale and develop our offering across the globe.”
The company also partnered with Adobe Commerce, which offers companies a product that provides an end-to-end platform for dealing with customers, in April. The partnership means that hundreds of thousands of eCommerce businesses using Adobe Commerce have access to financing from Wayflyer.