Retailers shift their ad spending from TV, radio and print ads to digital ads.
Investors in the open source e-commerce platform include Thrive Capital and the Vegas Tech Fund.
Open-source e-commerce platform provider Spree Commerce Inc. has raised $5 million in venture funding. Spree says the money will allow it to build out its platform faster.
Thrive Capital, which has previously invested in online eyeglass retailer Warby Parker, led the funding round. Also taking part are Vegas Tech Fund, whose partners include Tony Hseih, CEO of Amazon.com Inc. subsidiary Zappos.com, Red Swan Ventures and existing investors.
The co-founder of Red Swan Ventures is Andy Dunn, co-founder of online apparel e-retailer Bonobos Inc. Bonobos uses Spree Commerce’s platform for Ayr.com, the women’s apparel site Bonobos launched in November. It also uses Spree’s “hub” program for Bonobos.com to connect the Bonobos.com storefront, which is built on eBay Inc.’s Magento platform, to its accounting and planning software.
“The combination of their hub and storefront software is a game changer for our software engineers who now love their jobs, our consumers who get a faster user experience, and our internal teams who are starting to benefit from an integrated platform,” Dunn says. Bonobos is No. 405 in Internet Retailer’s Top 500 Guide.
Spree Commerce says other online retailers using its open-source programs include Quarterly Co., a subscription-based e-retailer, and luxury handbag and accessory e-retailer 3.1 Phillip Lim.
“Spree Commerce technology empowers sellers at any stage of their company's growth," says Sean Schofield, CEO of Spree Commerce. “This funding will allow us to build upon our already solid foundation and accelerate the pace of our innovation in the e-commerce space.”