ChannelAdvisor lands $30 million in new funding

ChannelAdvisor Corp., provider of marketing and other services that enable online retailers to sell on various platforms, has received $30 million in funding to fund expansion of its e-commerce channel management business. New Enterprise Associates led the funding round with participation from current ChannelAdvisor investors Kodiak Venture Partners, Advanced Technology Ventures, Southern Capital Ventures and eBay Inc.

ChannelAdvisor says it will use the capital to continue its growth into e-commerce channels such as paid search and comparison shopping engines. The company also plans to expand its offerings into new areas of the world and to investigate acquisition opportunities.

The company also announced that Patrick Kerins, New Enterprise Associates general partner, will join ChannelAdvisor’s board of directors.

“We’ve been following ChannelAdvisor for a long time and we’ve increasingly been impressed by their superior technology, significant traction in the retail sector, and uniqueness of their ChannelAdvisor Complete product offering,” Kerins says.

ChannelAdvisor also announced that Bill Brown has joined the company as chief financial officer. He 25 years of financial and accounting experience and has served as chief financial officer at several software-as-a-service, on-demand companies, including Lightbridge, which he helped take public in 1996.

New Enterprise Associates was established in 1978. With approximately $8.5 billion in committed capital, the company has invested in over 550 companies, of which more than 155 have gone public and more than 225 have been acquired.