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E-commerce activity continues to grow at a rapid clip — and software maker Volusion wants a piece of the action.
The Austin, Texas-based company, which operates a platform for merchants that want to create online stores, has raised $35 million in debt financing from Silicon Valley Bank, the company announced today.
Volusion has historically targeted small- to mid-sized businesses that want to bring their retail operation online, but in September, CEO Clay Oliver announced his intentions to expand into the enterprise market. That’s where the company’s new product, Mozu, comes in: Its API-first architecture enables customization and integration with other apps and software. Mozu is generally available beginning today.
In addition to store building, Volusion helps with search engine optimization, marketing, order management, and payments processing.
Volusion’s roughly 45,000 merchants collectively processed more than $3.4 billion in sales last year. It competes with e-commerce company Shopify, which raised a $100 million round last month to broach physical retail, as well as BigCommerce and LightSpeed Retail.
The $35 million debt round is the first outside funding the company has raised since its founding in 1999, and it may pave the way for a future IPO, according to a company representative.
“With this funding, we are looking to launch and market our new enterprise platform, Mozu, while also further developing and enhancing the Volusion platform, which is built for the SMB market,” a Volusion representative told VentureBeat. “The financing allows us to disrupt the enterprise commerce market and continue to grow our team.”
Volusion currently has 450 employees.
Updated at 2:50 PM PT. An earlier version of this article stated Volusion’s Mozu platform had yet to release, which was incorrect. It is now generally available.
Volusion is a leader in ecommerce solutions for online businesses. Volusion provides shopping cart software for thousands of customers worldwide, including market leaders like Disney, Motorola, Chicago Tribune, 3M and Crutchfield. In 2... read more »
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