The world’s largest retailer will end free shipping for online orders under $50 Canadian starting April 2.
The global e-commerce services firm expects $2.4 million more in Q3.
FiftyOne Global Ecommerce, whose services help online retailers sell their products across international borders, said today it has raised $10.1 million, and will close on an additional $2.4 million in funding in the third quarter, for a total of $12.5 million. The vendor also announced two executive hires.
The funding comes from new investor Vintage Investment Partners, along with existing investors Adams Street Partners, Pitango Venture Capital, Arko Technological Holdings, Venture Strategy Partners and Delta Ventures, says a spokesman for FiftyOne Global Ecommerce. It plans to use the capital for logistics, product innovations and technology.
“FiftyOne continues to see strong momentum in our business and our continued investor dedication will help us accelerate our growth,” says Michael DeSimone, FiftyOne’s CEO. “We’re taking big steps to ensure we are positioned to both support this significant growth and accelerate our expansion.”
The company also announced two recent hires. Brian T. Adams is FiftyOne’s new senior vice president of global supply chains and logistics. He comes from consultancy BTA Management. Heather Kaminetsky is now senior vice president of business management. Previously, she worked as senior vice president of marketing at Barneys New York Inc., No. 168 in the Internet Retailer Top 500 Guide.
FiftyOne’s clients include Sears, No. 8 in the Top 500 Guide; Macy’s, No. 14; Gap, No. 22; Overstock.com, No. 27; Crate and Barrel, No. 59; and Barneys New York Inc., No. 222. Its pricing, payment, customs and logistical services enable retailers to sell products in more than 100 countries, and to accept some 40 currencies, the company says.