This funding round will be used to fuel PrestaShop’s growth and international expansion, accelerate product development, and support new marketing initiatives.
Miami, FL and Paris, France (PRWEB) March 06, 2014
PrestaShop, the world’s leading free and open source e-commerce software powering more than 165,000 online stores worldwide, today announced it has secured $9.3 Million in a Series B funding round led by XAnge Private Equity, Seventure Partners and Serena Capital. This funding round will be used to fuel PrestaShop’s growth and international expansion, accelerate product development, and support new marketing initiatives.
Since its launch in 2007, PrestaShop has helped merchants process more than $15 billion in sales with its powerful, user-friendly open source e-commerce software solution. PrestaShop’s freemium business model allows merchants to build and manage an online store at no cost. Merchants can also opt in for customized services and choose from thousands of features, modules and templates for additional fees. PrestaShop’s active community has a member base that includes developers contributing everything from code to templates, and from translation and localization in more than 60 languages. This foundation has paved the way for the PrestaShop’s rapid global growth and has helped to more than double revenue over the past two years, with FY13 revenues in excess of $11.7 million and substantial profitability.
“Today PrestaShop powers 165,000 active online stores that have created over 250,000 jobs throughout 163 countries. This new round of funding will help accelerate our growth and international expansion, with the addition of highly skilled developers and country managers,” says Benjamin Teszner, CEO of PrestaShop.
“We will also further develop the PrestaShop product and brand, with the input from our merchants and developer community. Most importantly, the funding will help us continue our commitment to delivering the best e-commerce platform which will help our merchants thrive,” adds Bruno Lévêque, Co-Founder of PrestaShop.
“We’re excited to renew our support of PrestaShop,” says Marc Fournier, managing partner at Serena Capital. “Their team has produced the most dynamic e-commerce solution in the world and with upcoming announcements we know PrestaShop will no doubt solidify their position in the U.S. and throughout the world.”
“PrestaShop has an open source business model that is extremely efficient and thrives in the greatly dynamic e-commerce market,” says Inès Sen, a partner at XAnge Private Equity. “We like investing in ambitious companies with high quality products and PrestaShop – with its 600,000 member international community – is definitely one of those. We’ve been amazed by the team’s ability to deliver both growth and profitability, while staying true to their core mission of making their merchants successful.”
“We are excited to work with a company that has shown such tremendous growth and profitability in the past year. Drastically increasing revenues leveraging an open source freemium model is very impressive,” says Jonathan Cohen-Sabban, Partner at Seventure Partners. “PrestaShop is redefining the way merchants can do business on a global scale and we are looking forward to a highly successful year.”
The $9.3 million Series B round adds to the $5.57M raised in 2008 and 2010 through Angel investors and a Series A round led by Serena Capital in 2011.
PrestaShop is a free and open source e-commerce software powering over 165,000 active online stores worldwide. Recognized as the world’s most powerful, flexible and internationalized e-commerce solution, PrestaShop provides online merchants with hundreds of innovative tools to build and manage a successful online store at no cost. Used in over 160 countries and partnered with the most renowned names in the industry, PrestaShop continues to revolutionize online retail with technology that increases sales and maximizes visibility. Working hand in hand with its growing community of more than 600,000 dedicated members, PrestaShop’s entrepreneurial team is made up of e-commerce enthusiasts that are committed to the success and profitability of their online merchants.
PrestaShop, which has offices in Miami and Paris, is the proud two-time winner of Packt Publishing’s Best Open Source Business Application, winner of Europe’s Bsoco Award in the 2013 CMS category and rated #1 Open Source Shopping Cart by EcommerceBytes Sellers Choice Awards 2013. For more about PrestaShop visit http://www.PrestaShop.com, follow @PrestaShop on Twitter and Like Facebook.com/PrestaShop.
About XAnge Private Equity
XAnge Private Equity is a regulated private equity vehicle with €360 million under management. Active in France, Germany and Western Europe, XAnge is a multi-corporate fund with both industrial and financial LPs. The XAnge venture team primarily invests in fast-growing companies of the digital, mobile, Saas software and fintech areas.
About Seventure Partners
As an active partner of young, strong, growing companies since 1997, Seventure has been investing in French, German and European companies with a focus on Information Technology and Life Sciences. With over €500 million in dedicated funds, investments in over 120 companies and offices in Paris, London, Geneva, Bales and Munich, Seventure Partners is one of the major players in European venture capital.
About Serena Capital
Serena Capital is a management company launched in 2008 by a trio of entrepreneurs turned venture capitalists – Marc Fournier, Philippe Hayat and Xavier Lorphelin. All three were entrepreneurs during the 1990s, founding, growing and selling a variety of businesses in both France and Silicon Valley. Serena Capital is focused on early growth capital investments of €3 million to €8 million in a variety of technology sectors including internet and media, software, telecom and mobile, consumer electronics, IT services. With nearly €200 million under management, Serena Capital has received financial backing from French, European and US institutions.