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Two guys from Sydney received an additional $ 50 million in funding to start their e-commerce, BigCommerce, with the valuation of the company to hit $ 500 million.
The Series D financing was led by SoftBank Capital, investors in Chinese society outrageously successful e-commerce Alibaba, with Telstra Ventures, American Express, as well as existing investors General Catalyst Revolution and growth behind the boost. This brings the total funding of $ 125 million business that will allow them to compete in a market dominated by the likes of Amazon and eBay marketplace.
Australian Machalaani founders Eddie and Mitch Harper met in a chat room in 2003, before moving to BigCommerce found in 2009, a platform that allows small businesses to establish a professional online shop in just a few hours. Due to the success of the company over the past five years, the Australian business partners are now sitting pretty in paragraph 14 and 15 of 2014 BRW Young Rich List with a combined wealth of 162 million Australian dollars. This is expected to rise next year as VentureWire notes, the additional investment of $ 50 million pushed the value of the company to over $ 500 million.
It all started for Machalaani, 35, and Harper, 32, with the launch of their business Interspire one year after meeting in a corner of the Internet. This company is now known as BigCommerce. Since then, the company has grown rapidly, opening offices in Austin, Texas and San Francisco, California, to complete the Sydney, Australia office.
Earlier this year, BigCommerce is making waves around the world when he used an interesting method to poach employees from some of the technology giants such as Google and Facebook - Free poached egg sandwiches.
It is this innovative approach to business that has seen the company grow rapidly Aussie in the space of e-commerce. With 55,000 customers processing $ 4 billion in sales, 370 employees and a total of $ 125 million, BigCommerce is not slowing down.
With the additional injection of 50 million dollars Machalaani Harper and plan to invest in product development, aggressively expand sales and marketing, and expand into new markets.
"The partnership with SoftBank Capital gives us access to growing Asian market and opportunities within companies SoftBank Group, including Alibaba, while American Express and Telstra share our passion for helping companies in the United States and Australia respectively, "said Machaalani in a statement. "With this new round of funding, we will continue to harmonize trade rules of the game so that each trader has the ability to build a compelling brand and scalable enterprise to compete effectively with the major players in their industry."
The Japanese company Softbank, with past and current investments, including Alibaba, Yahoo, BuzzFeed, Criteo, Fitbit, Huffington Post and XAD, is not a bad landlord to have on board. The platform Alibaba e-commerce, 32% pocket, has recently become one of the most valuable technology companies in the world after raising 25 billion US dollars in its initial public offering - the largest opening in the history.
E-commerce is where the money is. The industry is expected to be worth $ 2 billion in sales worldwide in 2015, according to a study BigCommerce, and these two Australian entrepreneurs are in the heart of the ramp.
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