May 2020
Shopify rival Ecwid raises $42 million amid ecommerce boom
Ecwid, a Shopify-style ecommerce platform, has raised a $42 million round after seeing "dramatic growth" during the COVID-19 crisis.
San Diego, California-based Ecwid is a software-as-a-service platform that lets anyone set up their own online store and includes tools for creating websites, managing orders and inventory, and accepting payments. It also offers a white label version, allowing third-party agencies, site builders, hosts, and point-of-sale platforms to bundle ecommerce stores into their respective services without having to build the technology themselves.
Ecwid said the additional $42 million will "fuel aggressive growth," including a hiring spree it expects will double its headcount. The company added that it plans to buy out some of its earlier-stage investors, including Runa Capital and ITech Capital. Ecwid's latest investment was led by Morgan Stanley Expansion Capital and PeakSpan Capital.
Ecwid said the additional $42 million will "fuel aggressive growth," including a hiring spree it expects will double its headcount. The company added that it plans to buy out some of its earlier-stage investors, including Runa Capital and ITech Capital. Ecwid's latest investment was led by Morgan Stanley Expansion Capital and PeakSpan Capital.