Elastic Path Software Inc., announced the closing of a new growth equity financing worth CAD4 million with Yaletown Venture Partners. In the past 60 days, Elastic Path was able to come up with CAD12 million through financing. The equity deal with Yaletown Venture Partners is the latest round of financing. In June, Elastic Path Software secured a CAD8 million financing with Wellington Financial LP, a Toronto-based finance firm. The recent funding allows Elastic Path to pursue new businesses and other strategic opportunities in ecommerce software markets, as well as, in the API commerce markets.
"We're proud to be partnering with the investing veterans at Yaletown, as it further strengthens our dominant position in the digital commerce market," said 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," said 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."
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