Bold Commerce, a Winnipeg-based developer of e-commerce software solutions, has raised C$22 million in a Series A financing. The investors were Canadian venture capital firms Whitecap Venture Partners and Round13 Capital. Whitecap Managing Partner Carey Diamond and Round13 Partner Craig Strong will join the board. Founded in 2012 by CEO Yvan Boisjoli, CTO Eric Boisjoli, CBO Stefan Maynard and Vice President, Growth Jay Myers, Bold provides a range of e-commerce apps to more than 86,000 wholesale and business-to-business merchants worldwide.
PRESS RELEASE
WINNIPEG – January 16, 2019 – Bold Commerce has raised (Cdn) $22 million in Series A financing from Whitecap Venture Partners and Round13 Capital. The funds will be used to accelerate the significant growth Bold has achieved to date with its e-commerce software products and solutions. Carey Diamond from Whitecap and Craig Strong from Round13 will join Bold’s board of directors.
Bold solutions are currently used by more than 86,000 merchants globally, including the Obama Foundation, Zippo, NPR, the Bon Jovi Official Store, and DJ Khaled’s Goldition. The capital raise will be used by Bold to further develop its market-leading merchant tools, including Artificial Intelligence-based commerce solutions that allow merchants to sell anywhere, regardless of platform, business model, or market. Bold will also continue to scale its operations, accelerating the company’s plan to hire more than 200 developers, designers, analysts, scientists, and sales staff over the next 18 months.
“This investment validates the success we have achieved over the past seven years, including the company and culture we’ve created, and the innovative AI-first solutions we’ve developed that are leading the way in headless commerce,” said Yvan Boisjoli, CEO and co-founder of Bold Commerce. “Whitecap and Round13 bring world-class expertise to our board and will play an important role in supporting our continued international growth.”
Bold’s success to date has been achieved without any outside investment. The company has 275 employees and its suite of e-commerce tools, including Subscription and Conversion products, have been deployed by merchants around the world, enabling them to operate their stores and sell more effectively. Bold was ranked 12th fastest growing tech company in Canada on Deloitte’s 2017 Technology Fast 50 list, reporting 3,692% revenue growth. In 2017 Bold’s founders won the Emerging Entrepreneur award from Ernst & Young.
“It’s rare to find a company that has achieved what Bold has at this stage of their business,” said Carey Diamond, Managing Partner at Whitecap Venture Partners. “With a front row view of Bold’s global leadership in e-commerce innovation, we look forward to contributing our expertise and supporting the company as it continues on its path of accelerated growth.”
“Bold had a reputation for building great products for commerce,” said Craig Strong, Partner at Round13 Capital. “They’re doing truly innovative things in commerce and have cultivated a world-class corporate culture. We’re proud to be working with the team to help them grow and capitalize on their success to date.”
About Whitecap Venture Partners
Whitecap Venture Partners is a diversified early stage venture capital fund investing in high growth companies across three verticals: Information and Communications Technology (ICT), Med Tech and Food Tech. Its team of operators and investment professionals partner with entrepreneurs in verticals where they have deep domain expertise and can bring significant operational and strategic value to companies. Additional information is available at www.whitecapvp.com.
About Round 13
Round13 Capital is a Toronto-based venture capital firm that invests in growth-stage Canadian technology businesses. The firm is managed by experienced investors and operators. It uses a disciplined investment approach to identify exceptional entrepreneurs running companies with market leadership potential. Round13 works “hands-on” with its portfolio companies to unlock strategic and financial value. For more information, visit round13capital.com.
About Bold Commerce
Headquartered in Winnipeg, Canada, Bold Commerce is a software development company that provides industry-leading e-commerce solutions for the world’s most innovative brands. The company’s suite of products address the core needs of wholesale and B2B merchants, including subscriptions, automation, personalization, payment experience, customization, loyalty, and retention. For more information, visit www.boldcommerce.com.