Preparing to implement what it calls a global growth strategy, ChannelAdvisor said Thursday morning that it has secured $18 million in new financing.
Leading the deal is Advanced Technology Ventures, a venture firm focused on emerging information technology. ATV is a new investor in Channel Advisor. The company also gains a seat on ChannelAdvisor’s board o directors.
“This round will enable us to reach our goal and vision of helping the world sell online,” said Scot Wingo, CEO and president of ChannelAdvisor, in a statement. “This fund-raising follows two of the strongest quarters in the company’s history and we just hit our first quarter of over $1 billion of global gross merchandise value (GMV) annual run rate.”
ChannelAdvisor provides a variety of ecommerce auction services for a wide range of clients. It gains commissions from sales of goods through the auctions as well as license fees.
The new round of financing follows on the acquisition of two German-based auction software firms earlier this year.
Wingo said the funds would be used to add additional global marketing and sales resources as well as to fund further acquisitions.
Kodiak Venture Partners, Blue Sky Ventures, eBay, Tri-state Investment Group and Southern Capitol Ventures are the other investors in Channel Advisor.
“We have been watching the broader e-commerce space and believe channel management solutions (CMS) will see explosive growth in the near future,” said Bob Hower, Partner of Advanced Technology Ventures. “We are investing in ChannelAdvisor because we believe in the growth potential of the company and in particular want to support the company’s global expansion plans, as well as the strengthening of its North American market presence.”
Hower will join ChannelAdvisor’s board.