PrestaShop, French e-commerce platform that provides very modular e-shops for SMEs, raises $9.3 million Series B funding from XAnge Private Equity, Seventure Partners and Serena Capital. Company says they will use the money to increase visibility and grow internationally. They are planning to add new offices to the existing ones in Paris and Miami, and recruit new developers and country managers within 2014.
Being one of the most client-friendly and modular open-source e-commerce platforms, PrestaShop had grown rapidly to host over 165,000 active online stores today worldwide, the official press release reads.
Since its launch in 2007, the transactions helped through by PrestaShop reached $15 billion in sales mainly thanks to its commitment to a freemium business model and simple operability. The platform supports over 60 languages and offers to the merchants a wide range of features, modules and templates, some of which being used for additional fees. For the 2013 financial year, company announced $11.7 million revenues with profitability.
Now that the company prepares to expand its representation and sales volume mainly overseas, it may have to tackle more with the rivalry coming from Shopify and Magento. However, being a strong player in West European markets already, and backed by prominent investors all through the way, PrestaShop may well join the top contenders in e-commerce marketplace solution providers in the US.
This last $9.3 million Series B round adds to the $5.57M raised in 2008 and 2010 through Angel investors and a Series A round led by Serena Capital in 2011.