Shopify's next goal is to become a giant of commerce, both on and off the Web. The e-commerce platform that enables entrepreneurs to sell their products online just raised $100 million from existing and new investors in a round of Series C funding. The company hopes to use the funds to become more involved in bricks-and-mortar sales. Shopify wants to provide retailers with point-of-sale technologies and other services they need to accept payments in physical locations.
"We don't believe that there's a battle between online and offline, we believe the future of retail is just commerce," Harley Finkelstein, Shopify's chief platform officer, said in an interview, reports The Financial Post.
Shopify, founded in 2006, currently runs more than 80,000 stores, mostly on behalf of small businesses and this year, its member stores sold over $100 million worth of products in the week surrounding Black Friday and Cyber Monday. But while online shopping has seen record growth, in-store shopping is still of value, too. Research firm ShopperTrak estimates that over 90 percent of actual commerce still takes place in physical stores, making it understandable that Shopify is interested in revising its online-only business model.
The deal is one of the largest rounds of funding for a Canadian company this year. The company said it plans to expand its employee base throughout its offices in Toronto, Montreal and Ottawa. Over the last year, the startup's headcount has grown from 120 employees to more than 330.
For more see:
-This TechCrunch article
-This Financial Post article
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