Revolution Growth invests $40m in Australia's Bigcommerce
US venture capital firm Revolution Growth has invested $40 million in Australian tech start-up Bigcommerce. The company sells e-commerce software for online retailers covering website design, store management, marketing and electronic payments.
Sydney-based Bigcommerce - which charges between $25 and $300 a month for its systems - currently has around 40,000 customers, mostly in Australia and the US, where it has an office in Austin, Texas. It employs 250 people, with 60 in Australia and the remainder in the US.
This latest investment adds to the $15 million committed by Boston-based General Catalyst in 2011.
The capital will be used to develop Bigcommerce's software platform and to invest in brand awareness ahead of its international expansion. Revolution Growth CEO and AOL founder Steve Case will also join the Bigcommerce board.
The company expects its revenue to grow to $100 million within the next five years - it reported revenue of around $10 million last year. It is targeting 15,000-30,000 new customers in the next 12 months.
"As a venture-backed company there has to be an exit where investors can make their money back. Our goal is to build a billion-dollar company and to do that we will probably have to go the IPO route. It's really just another funding round," Eddie Machaalani, co-CEO and co-founder of Bigcommerce, told The Australian.
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