I am very pleased to announce that Shopify has just closed a $ 7M Series A round with Bessemer Venture Partners, Firstmark Capital and Felicis Ventures. There are so many great things about this company and financing that it’s hard to know where to begin, but let me try.
Team: Company assessments always begin and end with team for me. Shopify was founded by Tobias Lutke one of the core contributors to Ruby on Rails. He has built an amazing team of designers, developers, devoted support and goto market staff who are just killing it.
Platform: E-commerce is huge and Shopify’s e-commerce platform lets anyone from a hobbyist at home to General Electric get an online store instantly. As Tobi announced today, their customers have done $100M in sales on the Shopify platform so far this year. With their new app store and all the great things that will come from this funding, the power and reach of the Shopify platform will grow substantially.
Syndicate: Shopify is a World class company and it has assembled a World class group of investors. Bessemer has literally established the nomenclature for SaaS and e-commerce startups. Firstmark and Felicis are great investors and I am pleased to see all of them getting active here in Canada. (This is Firstmark’s second Canadian investment).
Thinking differently: If you were to pull out the startup playbook it would not tell you that you should build a SaaS e-commerce platform in Ottawa. Being located in a smaller market is just one of many examples of how Shopify thinks and acts differently. I am very excited to see how they grow this business.
I’ll stop gushing now. Big shout out to the Shopify team!