FiftyOne Global Ecommerce, maker of a platform for U.S. retailers, closed on $10.1 million in new funding at the end of June, the company announced, with plans to close an additional $2.4 million in the third quarter. Specific details of the round were not released. The company is based in New York.
FiftyOne Global Ecommerce (www.fiftyone.com), the global ecommerce expansion platform for leading U.S. retailers, today announced continued success in leveraging its market leading position.
“FiftyOne connects coveted and iconic U.S. brands with consumers all over the world in groundbreaking ways, and we’re taking big steps to ensure we are positioned to both support this significant growth and accelerate our expansion.”
FiftyOne Global Ecommerce enables international ecommerce capabilities for more than 125 leading U.S. brands and retailers, allowing international customers in more than 100 countries and territories to shop and transact with those brands in more than 40 different currencies.
During the six-month period ending June 30, 2012:
Gross merchandise volume (GMV) increased by nearly 160 percent versus the same period last year.
Total number of employees increased by 50 percent, including the additions of two new executives:
Brian T. Adams as Senior Vice President of Global Supply Chain & Logistics
Heather Kaminetsky as Senior Vice President of Business Management
Fourteen new brands launched on the FiftyOne platform, with more than thirty additional launches scheduled by the end of 2012.
FiftyOne acquired the Borderfree business unit from Canada Post Corporation and opened up subsidiaries in Toronto, Canada and Dublin, Ireland in March 2012.
Additionally, FiftyOne closed an initial $10.1 million internal funding round on June 28, with an additional $2.4 million expected to close in the third quarter. This funding will finance investments in logistics, product innovations and technology initiatives.
“FiftyOne continues to see strong momentum in our business and our continued investor dedication will help us accelerate our growth,” said Michael DeSimone, CEO, FiftyOne Global Ecommerce. “FiftyOne connects coveted and iconic U.S. brands with consumers all over the world in groundbreaking ways, and we’re taking big steps to ensure we are positioned to both support this significant growth and accelerate our expansion.”
New York City-based FiftyOne Global Ecommerce is the recognized market leader in international ecommerce, operating a technology and services platform that enables U.S. retailers to transact with customers more than 100 countries and more than 40 currencies worldwide. FiftyOne manages all aspects of international orders including multi-currency pricing and payment processing, landed cost calculation, customs clearance and brokerage, international fraud management, international logistics orchestration, and customer-experience parity.
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