Winnipeg’s Bold Commerce has raised $22 million in Series A financing from Whitecap Venture Partners and Round13 Capital.
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.
In the process, Bold has become the largest app developer for the Ottawa-based Shopify e-commerce platform.
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.
Carey Diamond from Whitecap and Craig Strong from Round13 will join Bold’s board of directors.
“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.