On Monday, digital commerce company Elastic Path Software confirmed receiving C$ 12 million in financing from several investors over the past two months.
Yaletown Venture Partners, a Vancouver-based venture capital firm was one of the major investors, giving a third of the total amount the company received with USD 4 million.
Elastic Path also secured C$ 8 million debt facility back in June from a private specialty finance firm based in Toronoto, Wellington Financial LP.
The additional funding will assist Elastic Path in pursuing new investments and opportunities in the fast-paced world of API commerce markets and e-commerce software.
"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 Elastic Path CEO, Harry Chemko in an interview.
"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," Chemko added.
Yaletown Venture Partners chose Elastic Path specifically based on its position as consistent innovator of e-commerce software.
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