The funding from TTV comes at a time of tremendous opportunity in ecommerce and allows CRE to continue cultivating its commercial open source business model
Atlanta, GA (PRWEB) September 11, 2008
Atlanta, GA (PRWEB) Chain Reaction Ecommerce, Inc. (CRE) a leading provider of open source ecommerce technology and services for fully-managed ecommerce, today announced it has closed a multi-series investment round of funding, with an initial round of $2.5 million with Atlanta-based Total Technology Ventures (TTV).
"The funding from TTV comes at a time of tremendous opportunity in ecommerce and allows CRE to continue cultivating its commercial open source business model," said Michael Valverde, CEO of CRE. "This investment will help us continue to establish CRE as a leader in the emerging category of fully managed ecommerce solutions."
"Chain Reaction has a focused vision of the ecommerce horizon, and how it will help merchants succeed in their online ventures," said Gardiner Garrard, Managing Director of TTV. "They are devoted to an innovative approach to ecommerce that goes well beyond providing their customers with a piece of software."
CRE was founded in 2002 and has over 175,000 merchants who use its popular CRE Loaded software worldwide. CRE also offers full-time, U.S.-based technical support and customer service.
"TTV's involvement shows a deep commitment to the viability of our managed ecommerce business model," adds Valverde. "This will strengthen our ability to serve the small to medium-sized enterprise market with more comprehensive, PCI compliant managed ecommerce solutions moving forward."
About Chain Reaction Ecommerce
Chain Reaction Ecommerce, Inc. (CRE) is a leading provider of open source ecommerce software and services for merchants, and a steward of the CRE ecommerce ecosystem. The CRE Loaded product family is supported by a growing open source community - CRE Share - of more than 12,000 developers, designers, Web hosting providers, online merchants, Internet retailers and business partners.
CRE Share provides a unique environment for merchants to access a wide variety of resources designed to help them succeed with their online stores, and to share their experiences, success and lessons learned with other online merchants. Through its CRE Lance network of ecommerce design, development and programming experts, CRE provides customers with access to expert resources to create and manage their online stores.
CRE ecommerce products include the popular CRE Loaded Professional and CRE Loaded Professional B2B ecommerce software,hosted PCI compliant ecommerce environments, as well as powerful add-on modules and systems, technical support, and success services for online merchants. CRE currently powers more than 175,000 online stores around the world. For more information on CRE, please visit http://www.getcre.com or call 800.609.2141.