Financing From Funds and Accounts Managed by Blackrock and Existing Investors To Accelerate Elastic Path Leadership in Composable Commerce
Elastic Path, the creator and leader of the Composable Commerce Movement, announced a $60 million growth financing round from funds and accounts managed by BlackRock with participation from existing investors, led by Sageview Capital. With this new infusion of capital, Elastic Path has now raised over $120 million and is well positioned to continue leading the market transition from traditional, monolithic commerce solutions to Composable Commerce.
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This new capital will allow Elastic Path to build on a strong 2021 as the market shift to Composable Commerce accelerates. Highlights from the past year include:
- 400+% year over year growth
- 140+ new product releases, including Catalog Composer™, a groundbreaking advancement for brands with complex catalog and channel requirements
- 25+ new Pre-Composed Solutions™ and Accelerators added to the Composable Commerce Hub™
- Introduced Composable Commerce XA™, the only production-support offering spanning multi-vendor Composable Commerce solutions
- Became the first and only MACH-based commerce vendor to achieve SOC 2 for security
- 40+ new partners onboarded
- Added new marquee enterprise customers including Konica Minolta, HarperCollins, Orgill, and DMSI
The market is rapidly moving to Composable Commerce, an approach where multiple best-of-breed vendors are “composed” together to create complete, functionally superior commerce solutions optimized for the unique needs of each brand. According to the 2021 State of Composable Commerce Report, 95% of eCommerce practitioners believe Composable Commerce is the approach businesses should take. Elastic Path spearheaded the Composable Commerce Movement to make it simpler and faster for brands with complex requirements to deliver unique digital commerce experiences. The company makes this possible by providing a MACH-based commerce platform with unparalleled flexibility, Pre-Composed Solutions™ that make it fast and easy to migrate, and Composable Commerce XA™ which ensures complete experience assurance for multi-vendor commerce solutions.
“We were extremely impressed with Elastic Path’s team, the strength of its product offerings, and its impressive growth over the past 12 months,” said John Doyle, Director at BlackRock. “We are pleased to partner with Elastic Path to support its continued growth into the future.”
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“Sageview Capital has held a long-running thesis that nimble, API-first commerce solutions are the future of digital,” said Jeff Klemens, Partner at Sageview Capital. “Elastic Path is leading that transition, with the vision, team, and track-record to drive true market change. We are thrilled to extend our partnership.”
“As digital moves from a channel to the heart of the enterprise, brands demand more: More speed. More control. More flexibility. And our strong growth is clear evidence that we are meeting that demand with a product that enables brands to manage the complexities of their business.” said Jamus Driscoll, CEO at Elastic Path. “I’d like to thank our new and existing investors for their continued belief in our vision of Composable Commerce, and with this capital, we look forward to accelerating market change, one successful customer at a time.”