ChannelAdvisor, an eBay and marketplace management service, has secured an additional $18 million in funding, led by Advanced Technology Ventures (ATV). ATV joins Kodiak Venture Partners, Blue Sky Ventures, eBay, Tri-state Investment Group and Southern Capitol Ventures as investors in ChannelAdvisor. ATV is a bi-coastal venture capital firm with more than $1.4 billion in capital under management.
ChannelAdvisor said it will use the funding to accelerate and expand its global marketing and sales, and will seek opportunities for strategic acquisitions. In addition, ChannelAdvisor will "expedite development and evolution of its technology platform and penetrate new markets with this funding."
Bob Hower, Partner of Advanced Technology Ventures, said "We have been watching the broader ecommerce space and believe channel management solutions will see explosive growth in the near future." Hower will join ChannelAdvisor's Board of Directors. Other board members include John Abraham of Kodiak Ventures, Rashid Ashraf of Blue Sky Ventures, Tim Buckley and Richard Holcomb.
"This round will enable us to reach our goal and vision of Helping the World Sell Online," said Scot Wingo, CEO and President of ChannelAdvisor. "This fund-raising follows two of the strongest quarters in the company's history and we just hit our first quarter of over $1 billion of global Gross Merchandise Value (GMV) annual run rate."
ChannelAdvisor's clients and strategic alliances include IBM, Best Buy, Sears, Motorola, eBay, Overstock.com, Yahoo and Amazon.com. ChannelAdvisor Corporation is headquartered in Research Triangle Park, NC with an office in London and Germany.
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