Group Commerce Inc. said it raised a $21 million Series C round of funding from Jafco Ventures and existing investors Spark Capital, Carmel Ventures, and others. The funding will be used for technology development and to expand in the U.K., Germany and other European countries.
Group Commerce Receives $21 Million for Product Development and International Expansion
Company Reports 30% Growth in Month-to-Month Revenues
New York and London – May 29, 2012 — Group Commerce Inc, the market-leading e-commerce platform for publishers, today announced its Series C funding of $21 million from Jafco Ventures and existing investors including Spark Capital, Carmel Ventures, and others. The funding will be used to increase support for its growing US client base, further develop its technology platform to enable all forms of e-commerce, and to accelerate its rollout into the UK, Germany and other European countries.
Today’s news follows Group Commerce’s acquisition of the UK operations of Dealised, whose employees and clients were integrated into Group Commerce’s European business in April.
“Group Commerce is the only full-service technology and services solution powering the rapidly growing e-commerce capabilities of the world’s biggest media companies,” said Jonty Kelt, Co-founder and CEO of Group Commerce. “This investment will help us increase our market leadership internationally and extend the capabilities of our technology to help our partners further participate in this large and business critical field of e-commerce.”
Since its inception in 2010, the New York City headquartered company has raised over $40 million from investors, and grown to employ 125 people in America and Europe. Fueled by 30% growth in month-to-month revenues over the last 12 months serving top publishers and merchants, Group Commerce is a driving force behind the convergence of content and commerce.
“The team at Group Commerce delivers the best technology and services for media companies and merchants looking to maximize e-commerce,” according to Tom Mawhinney, General Partner at Jafco Ventures. “After looking carefully at the $240 billion a year e-commerce market, it became evident that their enterprise-grade platform serves as a true command center for a publisher’s e-commerce program; there’s nothing else like it in the market.”
The Group Commerce platform is designed with one mission – to enable publishers, broadcasters, and media companies to succeed in e-commerce by selling relevant services and products to their respective audiences. In addition to its e-commerce technology, the company provides professional services such as merchandising strategy, offers sourcing, customer service, audience development and merchant payment administration. This full-service solution enables Group Commerce to help its customers grow e-commerce revenues, deepen audience engagement, and unlock new ad budgets.
“It is immensely gratifying to see the traction that Group Commerce has developed in the marketplace, particularly over the last six months,” said Todd Dagres, Founder and General Partner of Spark Capital. “The fundamentals of their business, their position in the market, and the way they deliver their solution represent a winning business model; they are the clear market-leader.”
About Group Commerce
Group Commerce is the market-leading platform for publishers who want to succeed in e-commerce. The Company serves all the three entities – consumer, publisher and merchant—that make e-commerce programs work. Founded in 2010, Group Commerce is backed by Spark Capital, Carmel Ventures, Jafco Ventures, Lerer Ventures, and Bob Pittman. Clients include: Boston.com, CBS Local, DailyCandy, The New York Times, Thrillist and many more.