E-commerce website Shopify has secured $100 million in a Series C funding round from its existing investors. New investors Insight Venture Partners and OMERS Ventures also participated in the round. The retailer plans to use the new capital to extend its reach to offline consumers, according to TechCrunch.
The new funding adds to the $22 million Shopify already raised in Series A and B rounds in 2010 and 2011 respectively. The online retailer has had a revenue model since it started. Now, the company expects to sell $1.5 billion worth of products through its platform this year, the report said.
Chief product officer Harley Finkelstein said, "In terms of why we're raising, we've talked about what we see as the future of retail. There's kind of this concept that the future of retail is online vs. offline, or just online. We don't actually believe that; what we believe is that the future of retail is all about consumer choice."
Finkelstein also said shoppers want to buy in-store after making an online purchase. To provide that experience, he said Shopify aims to transition from an e-commerce company to a commerce company, TechCrunch reported.
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