commercetools inks €130m deal to accelerate global growth
German e-commerce venture commercetools has announced a €130 million investment from Insight Partners to support its plans for growth in the USA, Asia-Pacific and Europe.
“Rather than relying on increasingly outmoded software, brands, manufacturers and distributors are choosing our cloud-native and modern software platform to transform their digital commerce for today’s consumers,” says Dirk Hoerig, CEO and Co-founder, commercetools.
“To answer this demand, we have built a strong and successful international business and this new investment will enable us to intensify the pace of our growth into North America and Asia-Pacific markets, as well as leverage our success in Europe. The scale of this funding, combined with our tremendous strengths in technology and the quality of the team we are building, significantly furthers our ambition to become the number one commerce platform globally.”
As part of the deal, Richard Wells and Matt Gatto, Insight Partners Managing Directors will join commercetools’ board of directors. Wells comments: “With a strong track record of investing in retail software leaders, we are excited to have the opportunity to invest in commercetools and help them scale up internationally. In our opinion commercetools represents the next wave of enterprise commerce software and has the potential to unlock powerful innovation and growth within the e-commerce sector.”
REWE Digital, which is part of the retail and hospitality business REWE Group, remains a major shareholder and investor. Jan Kunath, member of the executive board of REWE Group, says: "Over the last five years commercetools has grown under REWE Digital from a startup to a category leader in the enterprise commerce space. With Insight Partners we found the best partner to join with us to further support commercetools on its journey to market leadership.”
