Bigcommerce Inc., the Austin-based software maker, collected $40 million of a planned $50 million Series D equity funding, according to the U.S. Securities and Exchange Commission. The funding will position the company for an initial public offering within two years. Bigcommerce spokesman John Yarbrough said the company plans to raise the remaining $10 million next week. Nine investors participated in the financing, the SEC filing indicates.
Bigcommerce was founded in Australia as Interspire Pty. Ltd. in 2004. It subsequently changed its business model and opened a North American headquarters Austin office in May 2009. The company now develops software designed to automate the creation of online stores. It employs 350 workers, including 250 in Austin.
The company collected the capital from a syndicate of investors that included Japan-based SoftBank Corp. A $50 million funding would increase to $125 million the amount of investment capital Bigcommerce received since launching and the the capital will be used to expand product development coupled with marketing efforts in Europe, Latin America and Asia, Chief Financial Officer Robert Alvarez said in November.