Open source commerce platform Reaction Commerce has closed an $8.5m investment led by GV (formerly Google Ventures.)
Other backers to the round included CrossCut Ventures, Double M Partners, Joanne Wilson, and Female Founders Fund.
The California-based company is an open source software that enables retailers and brands to create digital commerce platforms for their stores and marketplaces. Currently, Reaction Commerce provides retailers with features such as merchant onboarding, multi-shop checkout, split order and payment processing, and individual shop branding, management, and product catalogue creation.
Alongside the capital, the company is launching is multi-shop marketplace solution, bringing its technology to both single-tenant and multi-tenant shops.
GV general partner Dave Munichiello said, “Many of the best technologies are launched as open-source tools, and we believe that highly-scalable companies will be built around these toolsets. Reaction Commerce’s modern stack and early developer traction is impressive, and the company is in the right place as retailers gravitate toward tech savvy commerce technologies that provide better experiences for online stores and marketplaces.”
This new equity line brings total capital raised by the company to more than $11.7m, with the company securing a $2.7m funding round last year. The previous investment was led by CrossCut Ventures, and also saw participation from Double M Partners, among others.
GV has made several investments in to FinTech companies this year with the firm taking part in risk and compliance solution SecurityScorecard’s $27.5m Series C. Other investments made by the firm this year include the $40m Series B funding round of online real estate marketplace HomeLight and restaurant POS provider Toast’s $101m financing round.
The e-commerce sector has seen a large amount of funding this year, after a very slow start. The second and third quarter saw a combined total of $6.6bn invested across 32 deals. This is compared to the year’s opening quarter, which only saw $330m invested through 18 deals.
Copyright © 2017 FinTech Global
