February 26, 2014
Spree Commerce announced yesterday that it has raised $5 million in a Series A round. This puts the running total amount at $6.5 million for the company, adding on to their initial seed funding of $1.5 million led by True Ventures in 2011.
The recent round of funding was led by Thrive Capital, with participation from Red Swan Ventures, Tony Hsieh’s Vegas Tech Fund, and existing investors True Ventures and AOL Ventures. “This funding will allow us to build upon our already solid foundation and accelerate the pace of our innovation in the e-commerce space,” said CEO Sean Schofield in yesterday’s press release.
The Bethesda, MD-based company provides an open-source e-commerce platform that allows online retailers to quickly and easily create full-featured, customized storefronts on the Internet. Because of its open-source nature, a brand’s software engineers can easily add features to Spree’s platform, per the brand’s specific needs. According to the press release, Spree’s open-source platform has become one of the most popular projects on GitHub, with nearly 500 developers having contributed to the platform since their launch in 2008.
Spree Commerce is currently being utilized by more than 45,000 retailers in over 100 countries, including popular brands and companies like Bonobos, 3.1 Phillip Lim, and Blue Bottle Coffee.
Did you like this article?
Get more delivered to your inbox just like it!