Vancouver's Elastic Path Software Raises $4 Million from Yaletown Venture Partners

Posted by Rob Lewis

Elastic Path Software today announced a new growth equity financing of $4 million from Yaletown Venture Partners.

The Vancouver-based startup has secured $12 million in financing in the past two months—it raised an $8 million debt facility from Toronto's Wellington Financial in June.

The new funding will allow Elastic Path to "aggressively pursue new business and strategic opportunities in the fast-growing ecommerce software and API commerce markets," according to the Canadian company.

"We're proud to be partnering with the investing veterans at Yaletown, as it further strengthens our dominant position in the digital commerce market," says Harry Chemko, CEO of Elastic Path. "By 2015, analysts project that revenue from digital goods and services will grow 300% faster than ecommerce revenue of physical goods. With this financing, we're in an excellent position to capitalize on that growing opportunity."

"We were attracted to Elastic Path's leadership team, their impressive global list of digital commerce customers, and broad technology portfolio, including Cortex, their patent-pending API solution for embedding commerce everywhere," says Mike Satterfield, Partner with Yaletown Venture Partners. "We believe that enterprises are increasingly looking to API commerce solutions to turn digital experiences into amazing revenue streams, and Elastic Path is at the forefront of that movement."

The Yaletown VC firm has been busy recently: it invested in both Calgary's nFluids and Edmonton's Mover this month.

In a recent research paper commissioned by Elastic Path, Forrester Consulting found that nearly 70% of IT professionals believe that having a unified digital experience is of strategic importance to their company's growth plans. The majority said the way to accomplish that was through an API commerce strategy.

 

Company:
Yaletown Venture Partners
Website:
http://www.yaletown.com
Location:
Vancouver, British Columbia, Canada

Based in Vancouver, British Columbia, Yaletown Venture Partners is a venture capital firm that invests time and money in seed and early-stage technology and clean-tech companies. Yaletown focuses on Western Canadas vibrant Energy Technology and Information Technology and Clean-tech clusters. Yaletown is backed by some of Canadas largest pension funds and financial institutions, all of which have a long-term... more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more




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