Elastic Path Raises A $43M Series B To Ramp Up R&D For Commerce Platform

Canadian commerce solutions provider Elastic Path has raised $43 million in a Series B led by Sageview Capital. After Oracle acquired BEA Systems, Elastic Path began selling its products directly to enterprise customers. if not hundreds, more ways customers can purchase.” Ned Gilhuly, co-founder and managing director of Sageview Capital, described Elastic Path as a company that is “pioneering API-oriented commerce.” “The inherent flexibility of Elastic Path Commerce allows companies to re-imagine their relationships with customers in the digital age,” Gilhuly said in a written statement. “We are convinced that Elastic Path has the technology for the future in a rapidly evolving market and we look forward to providing the company with both the financial and operational resources it needs to continue disrupting the marketplace.” Elastic Path will be opening a new office in Toronto to attract developers and plans to increase its workforce of 150 by 33 percent by year’s end, according to CEO and co-founder Harry Chemko. The company also plans to use the money it raised to “significantly” ramp up research and development efforts to address the B2B market.