Online sales climbed 24% year over year, while Best Buy’s overall sales were flat.
ChannelAdvisor Corp., a provider of technology that allows retailers to sell at online shopping centers such as eBay.com and Amazon.com, has secured $18 million in additional funding, the company announced today.
Research Triangle Park, NC-based ChannelAdvisor Corp., a provider of technology that allows retailers to sell at online shopping centers such as eBay.com and Amazon.com, has secured $18 million in additional funding, the company announced today.
ChannelAdvisor says it will use the funding to accelerate and expand its global marketing and sales, in addition to seeking opportunities for strategic acquisitions. In addition, ChannelAdvisor says it will expedite development and evolution of its technology platform and seek to enter new markets.
The funding was led by Advanced Technology Ventures, a venture capital firm focusing on information technology. Advanced Technology Ventures joins Kodiak Venture Partners, Blue Sky Ventures, eBay, Tri-state Investment Group and Southern Capitol Ventures as investors.
“We have been watching the broader e-commerce space and believe channel management solutions will see explosive growth in the near future,” says Bob Hower, partner of Advanced Technology Ventures. “We are investing in ChannelAdvisor because we believe in the growth potential of the company and in particular want to support the company’s global expansion plans, as well as the strengthening of its North American market presence.” Hower will join the ChannelAdvisor board of directors.
“This fund-raising follows two of the strongest quarters in the company’s history and we just hit our first quarter of over $1 billion of global gross merchandise value annual run rate,” says Scot Wingo, CEO and president of ChannelAdvisor.