Elastic Path Raises $27 million
July 9, 2018
Our portfolio company Elastic Path (www.elasticpath.com) recently completed a CAD$ 27 million financing transaction, led by the American firm Sageview Capital.
The Vancouver-based business, with a workforce of 150 employees, provides enterprise-scale e-commerce platform software solutions to a wide range of businesses, including Carnival Cruise Lines, T-Mobile, Virgin Media and Tesla. The Elastic Path’s software enables e-commerce on all digital platforms, including mobile apps, IoT platforms, traditional websites and at retail point-of-sale. For the third year in a row, Elastic Path has ranked highest in “ability to execute” and “completeness of vision,” in the Visionaries quadrant of Gartner’s 2018 Magic Quadrant for Digital Commerce.
The new money will help expand the sales department, build the marketing team and enhance product development over the next two to three years. In the highly competitive digital retail industry, this financing will help give Elastic Path an edge in both consolidating its current markets and developing new opportunities.
As part of this financing, Elastic Path restructured its share capital, allowing Yaletown to maintain its equity ownership without participating in the round.
With steady and sustainable growth over the years, Elastic Path is now better positioned than ever before to be an industry leader.
Congratulations to our friends and partners at Elastic Path!
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