E-commerce software provider ChannelAdvisor has landed a $30 million venture round, led by New Enterprise Associates.
NEA kicked in $23.5 million in the round and was joined by previous investors Kodiak Venture Partners, Advanced Technology Ventures, Southern Capital Ventures and eBay.
“We’re quite impressed with ChannelAdvisor’s technology and customer traction,” NEA general partner Patrick Kerins, who will join the ChannelAdvisor board of directors, said in a statement. “We look forward to working with this experienced team as they continue to expand their business here in the U.S. and abroad.”
ChannelAdvisor develops software that enables online retailers to optimize their e-commerce strategies for increased sales.
The company will use the new capital to expand its presence in paid-search and comparison-shopping engines, officials said. They also plan to expand into new geographic regions and investigate possible acquisition opportunities.
"With this funding, ChannelAdvisor is poised to dominate (our) market for e-commerce,” Chief Executive Scot Wingo said in a statement. “We’ve seen rapid growth and can imagine an even greater future with NEA’s support.”
