Global venture capital and private equity company Insight Partners is investing $145m in Germany’s commercetools to support its global expansion plans.
This funding will enable the disruptive cloud-native, headless and API-first commerce platform to accelerate growth in North America, Asia-Pacific and Europe.
In the last one and a half years, the company launched new operations in the UK and Asia-Pacific and added Audi, Bang & Olufsen, Carhartt, and Yamaha to its client portfolio.
commercetools CEO and co-founder Dirk Hoerig said: “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.
“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 the North American 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.”
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With this investment, Insight Partners managing directors Richard Wells and Matt Gatto will become members of commercetools’ board of directors.
In June this year, commercetools launched its Asia-Pacific hub in Singapore following a $17m investment to expand its business globally.