March 11, 2014, 3:48 PM

E-commerce platform provider PrestaShop raises $9.3 million

The vendor, whose technology is open source, has raised $14.87 million to date. Its revenue has more than doubled over the past two years, it says.

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E-commerce platform provider PrestaShop has raised $9.3 million in a Series B funding round, bringing its funding to date to $14.87 million. It will use the funds to expand internationally, including by hiring developers and country managers, says CEO Benjamin Teszner. It will also build out its product and marketing.

The France-based vendor’s software is free and open source, meaning web developers can create and share their own custom features or tweak existing ones themselves. As such, it competes directly with eBay Inc.’s Magento Community Edition software.

PrestaShop also offers a hosted version of its e-commerce platform for a monthly fee, which comes with extra support and automatic downloading and installation for add-on modules from its marketplace. All versions can handle multiple currencies and payment methods.

Founded in 2007, PrestaShop has been expanding its operations, particularly in the United States. Today the vendor claims more than 165,000 online stores worldwide are running on its e-commerce platform. It has doubled its annual revenue over the last two years, bringing in more than $11.7 million in 2013, it says. 

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