Ecommerce platform Ecwid announced on Wednesday that it has closed a $5 million Series B funding round, led by iTech Capital with participation from existing investor Runa Capital. Runa Capital led the first funding round of $1.5 million in Ecwid back in Dec. 2011.
Ecwid plans to use the new funding to extend its mobile and social commerce product, grow its sales and marketing teams, and expand its global partner network.
The funding will help SMB merchants integrate ecommerce with their point-of-sale systems, enabling Ecwid to work with customers who have both online and offline shops.
Ecwid allows merchants to manage multiple stores from a single dashboard, and works with a variety of hosting providers and CMS providers, including WordPress, Drupal, Yola, Wix, 1&1 and GoDaddy. It also is one of the largest and most popular Facebook store-building applications with more than 300,000 monthly active users.
The company recently surpassed 500,000 registered merchants worldwide, and is used by SMB merchants in 175 countries and in 45 languages.
“Ecwid is popular because it is a true sell-anywhere storefront with universal integration on any online platform. This is a reason it has had stellar growth and profitability with a first round funding of just $1.5 million,” Gleb Davidyuk, managing partner of iTech Capital said. “Ecwid’s market of small business merchants also is where the ecommerce growth of the next decade will be found. There are millions of sites built with WordPress, Wix, Squarespace, Weebly and Yola that now can embed a full-featured store in minutes. This is a great business opportunity, a great management team and much potential growth for our shareholders.”
As part of the funding agreement, Davidyuk has joined Ecwid’s board of directors.
“My quest to democratize eccommerce started in 2000 when I founded X-Cart, the first PHP ecommerce platform. Online store builders have not changed much since then, using the same ‘dedicated ecommerce site’ approach,” Ruslan Fazlyev, founder and CEO of Ecwid said. “But Ecwid was designed to be a game changer, making it possible to add a full-featured store to any existing website, while preserving its design. It is exciting to see this vision come to fruition, and with strong partners like iTech and Runa, we look forward to accelerating our growth and continuing to improve our product.”