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Bold Commerce has raised $22 million in Series A financing from Whitecap Venture Partners and Round13 Capital.
The funds will be used to accelerate the significant growth Bold has achieved to date with its e-commerce software products and solutions. Carey Diamond from Whitecap and Craig Strong from Round13 will join Bold’s board of directors.
Bold solutions are currently used by more than 86,000 merchants globally, including the Obama Foundation, Zippo, NPR, the Bon Jovi Official Store, and DJ Khaled’s Goldition.
The capital raise will be used by Bold to further develop its market-leading merchant tools, including Artificial Intelligence-based commerce solutions that allow merchants to sell anywhere, regardless of platform, business model, or market.
Bold will also continue to scale its operations, accelerating the company’s plan to hire more than 200 developers, designers, analysts, scientists, and sales staff over the next 18 months.
“This investment validates the success we have achieved over the past seven years, including the company and culture we’ve created, and the innovative AI-first solutions we’ve developed that are leading the way in headless commerce,” said Yvan Boisjoli, CEO and co-founder of Bold Commerce. “Whitecap and Round13 bring world-class expertise to our board and will play an important role in supporting our continued international growth.”
Bold’s success to date has been achieved without any outside investment. The company has 275 employees and its suite of e-commerce tools, including Subscription and Conversion products, have been deployed by merchants around the world, enabling them to operate their stores and sell more effectively. Bold was ranked 12th fastest growing tech company in Canada on Deloitte’s 2017 Technology Fast 50 list, reporting 3,692% revenue growth. In 2017 Bold’s founders won the Emerging Entrepreneur award from Ernst & Young.
“It’s rare to find a company that has achieved what Bold has at this stage of their business,” said Carey Diamond, Managing Partner at Whitecap Venture Partners. “With a front row view of Bold’s global leadership in e-commerce innovation, we look forward to contributing our expertise and supporting the company as it continues on its path of accelerated growth.”
“Bold had a reputation for building great products for commerce,” said Craig Strong, Partner at Round13 Capital. “They’re doing truly innovative things in commerce and have cultivated a world-class corporate culture. We’re proud to be working with the team to help them grow and capitalize on their success to date.”