Elastic Path, which offers digital commerce solutions, has announced a $60 million growth financing round from funds and accounts managed by BlackRock with participation from existing investors led by Sageview Capital.
With this cash, Boston-based Elastic Path has now raised over $120 million. Company officials say this will help the company continue to make the move from traditional commerce solutions to composable commerce. Elastic Path defines composable commerce as launching and continuously optimizing digital commerce experiences that leverage multiple best-of-breed vendors composed together into a complete, business-ready solution.
Elastic Path highlights from the past year include:
- 140-plus new product releases, including Catalog Composer™, which helps brands with complex catalog and channel requirements
- 25-plus new Pre-Composed Solutions™ and Accelerators added to the Composable Commerce Hub™
- Introduced Composable Commerce XA™, a production-support offering spanning multi-vendor composable commerce solutions
- Achieved SOC 2 for security
- 40-plus new partners onboarded
- Added new enterprise customers, including Konica Minolta, HarperCollins, Orgill and DMSI
Elastic Path operates its commerce-platform with a MACH-based architecture. The MACH Alliance is a group of tech vendors that promote an ecosystem of technology that is microservices-based, API-first, cloud-native SaaS and headless.
“Sageview Capital has held a long-running thesis that nimble, API-first commerce solutions are the future of digital,” Jeff Klemens, partner at Sageview Capital, said in a press release. “Elastic Path is leading that transition, with the vision, team, and track-record to drive true market change. We are thrilled to extend our partnership.”