ChannelAdvisor has received an additional $20 million in funding to accelerate its growth in e-commerce solutions, the RTP company announced this week.

The funding round was led by New Enterprise Associates (NEA) with participation from current ChannelAdvisor investors Advanced Technology Ventures, Kodiak Venture Partners, eBay and Southern Capitol Ventures.

Additionally the company plans on implementing a restructuring plan that will both streamline operations and accelerate the company’s path to profitability.

"We continue to be increasingly impressed with ChannelAdvisor’s superior technology, significant traction in the retail sector, and leadership in the software as a service e-commerce industry," says Patrick Kerins, general partner of NEA. "We’re not only excited that the company continues to grow rapidly, but will also be able to do so profitably."

During the past year, ChannelAdvisor reports taht revenues have grown more than 55 percent and gross merchandise value (GMV) has grown more than 45 percent. Additionally, the company says it has experienced significant customer growth, now boasting more than 100 top internet retailers from the prestigious Internet Retailer magazine’s Top 500 list.

"ChannelAdvisor has grown rapidly over the last two years, both organically and via two material acquisitions, and has strengthened its leadership position in the e-commerce channel management space," says Scot Wingo, CEO of ChannelAdvisor. "With the additional financing and restructuring of the company, we are excited about accelerating our path to profitability. We have reached not only a revenue scale that very few Software-as-a-Service companies have achieved, but also outstanding growth and profitability metrics."

The following ChannelAdvisor leaders will take on expanded roles as part of the company’s restructuring:

David Spitz, Vice President of Operations, is responsible for global products, services, and finance operations.

Michael Jones, Vice President of Business Development, Marketing and Strategic Partnerships, currently leads ChannelAdvisor’s global marketing, business development, corporate development and acquisition strategies. Jones will be expanding his role to include global sales and revenue responsibilities.

Scott Alridge, Vice President and General Counsel, will be expanding his role to include human resources operations.