Mercado gets $11.5 million to fund product development and growth
Mercado Software, provider of e-commerce site search, navigation, and merchandising technology, secured $11.5 million in funding, which will support plans to expand into new markets in 2007 and continue to develop its product line, the company announced today.
Funding came from Israeli-based Venture firm The Challenge Fund and British investment firm Consensus Group, which are first-time investors in Mercado Software. Other participants were VC funds Pitango Venture Capital, Eucalyptus, Star Ventures and Valley Venture Capital, all of which are repeat investors in the company.
“Mercado gained phenomenal momentum in 2006, and this latest round of funding is a strong indication of the confidence our investors have that Mercado is executing on our vision,” says Corey Leibow, president and CEO of Mercado. “As e-commerce begins to take a firm and permanent hold in EMEA and Asia Pac, Mercado will be there as an e-commerce market and thought leader – with products that increasingly provide value to businesses investing in the online channel.”
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