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.”