E-Commerce marketing co. ChannelAdvisor raises cash, trims staff
ChannelAdvisor, a company that lets online retailers manage product marketing across marketplaces such as eBay, Amazon.com, Overstock.com and a series of shopping comparison sites, has raised an additional $20 million, VentureWire reports. The company has also laid off 70 of the company’s 350 employees — including four vice presidents.
According to CEO Scott Wingo in the article, ChannelAdvisor’s revenue has grown more than 55 percent and has more than 5,500 customers including Wal-Mart Stores Inc. and Motorola Inc.
The North Carolina-based company raised $30 million from NEA and previous investors, last May. Total funding is now $88 million. Additional investors include Kodiak Venture Partners, Advanced Technology Ventures, Southern Capitol Ventures and eBay.
David Adewumi, a contributing writer with VentureBeat, is the founder & CEO of http://heekya.com a social storytelling platform billed “The Wikipedia of Stories.”
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About the Author, David Adewumi
David Adewumi, Founder and Chief Storyteller of http://heekya.com, leads the overall vision and product strategy for the start-up dubbed the ‘Wikipedia of Stories.’ For the past year, he has been a contributing writer for VentureBeat, with a focus on digital music and social start-ups. Previously, he led sales & product development for Lomic, Inc. an oil & natural gas software firm. David has served in the US Army as an Airborne Infantryman, before being appointed to the US Military Academy at West Point. He attended the Pennsylvania State University, where he pursued a degree in Economics.