Insight Partners Invests with commercetools
Although Gartner named commercetools as a Visionary in the 2019 Magic Quadrant for Digital Commerce, the German-based commerce platform has its sights on that coveted Leader quadrant. Thanks to new funding from Insight Partners, commercetools’ aspirations for prime quadrant position are certainly more promising given the commerce platform will have the right tools to achieve its goals thanks to the US$145 million investment from the global venture and private equity firm.
Commercetools’ 100% cloud-native, API-first commerce platform helps brands deliver powerful, engaging digital experiences by providing the “building blocks for the new digital commerce age.” It serves clients in a wide variety of industries from retail, to automotive, manufacturing, and agriculture. Commercetools’ client roster includes brands such as Audi, nuts.com, Bang & Olufsen, and Yamaha. Its “componentized architecture improves profitability by significantly reducing development time and resources required to migrate to modern commerce technology and meet new customer demands. It is the perfect starting point for customized microservices.”
Commercetools is hoping this new investment will help propel its growth and expansions across North America and the Asia-Pacific regions, expanding its global reach. Dirk Hoerig, CEO, and co-founder of commercetools, offered his perspective on the investment: “The scale of this funding, combined with our tremendous strengths in technology and the quality of the team we are building, significantly furthers our ambition to become the number one commerce platform globally.”
Global venture and private equity firm, Insight Partners, is known as one of the largest technology investors — constantly seeking out and investing in the most promising technology and software companies. In addition to the US$145 million, Richard Wells and Matthew Gatto, both Managing Directors at Insight Partners, will be joining the commercetools’ board of directors. Matt Gatto stated, “In our opinion, commercetools represent the next wave of enterprise commerce software and have the potential to unlock powerful innovation and growth within the e-commerce sector.” He further added, “We are looking forward to partnering with commercetools and providing more than 20 years of software and operational insights and best practices to help them continue to scale.”
We reached out to commercetools to find out more about this partnership and to gain a little more insight into what is currently being worked on by the commerce platform.
What are commercetools’ goals for the next few years?
"Our joint goal with Insight Partners is to position commercetools as the leader in the enterprise commerce market by intensifying the pace of our growth into the North American and Asia-Pacific markets and continuing to leverage our success in Europe. Essentially, we are focused on improving our performance, operations, and capability across the globe to realize the full potential of our proven model for modern commerce."
How do you think Insight Partners will help commercetools reach these goals? What makes them the best partners that will help you continue to grow?
"Insight Partners has supported more than 100 companies in pursuing growth strategies. We will greatly benefit from their experience, knowledge, and network."
Why do you think Insight Partners choose commercetools? What features do you think they saw in you that made you stand out from all other commerce platforms out there?
"Over the last 18 months, commercetools evolved to one of the fastest-growing, globally operating software companies. We have a proven track record of re-orient toward a more modern, agile architecture with our API-first, cloud-native commerce platform."
You mention in the press release the desire to become the number one commerce platform globally. How do you plan on achieving that goal?
"The investment from Insight Partners is key. We already have a proven model and the best approach to commerce in the digital age. What we now have with Insight Partners is the ability to invest in operations and scale. Our plan is to continue driving our business in Europe while investing in growth in North America and the Asia-Pacific region.
Insight Partners’ proven track record and impressive client roster, which includes names like Twitter, Udemy, Calm, Monday.com, and Shutterstock, sure make it look like commercetools is indeed on the right track to reach the top of the digital commerce pyramid."