Revolution Growth-Backed BigCommerce Goes Public
In 2013, we invested in BigCommerce, a SaaS startup helping companies build, manage, and market online stores. This morning, the Austin-based company raised its initial public offering. BigCommerce is now listed on the Nasdaq stock exchange under the ticker symbol BIGC. This marks an exciting milestone in the company’s trajectory which has been fueled by a boom in e-commerce.
Expecting a seamless online shopping experience may seem obvious today, but many people can still remember their first, clunky digital checkout. Over the past three decades, e-commerce has progressed from nonexistent to capturing nearly 20 percent of all global retail spending.
BigCommerce has helped store owners around the globe bring their businesses online across fashion and retail, health and beauty, food and beverage, manufacturing, and automotive sectors. The company has worked with iconic brands such as Ben & Jerrys, Sony, and Woolrich. And as of June 2020, BigCommerce was the platform behind 60,000 online stores in 120 countries.
From the beginning, BigCommerce wanted to allow customers to launch beautifully designed sites through an easy-to-use platform. Through constant innovation, the company has introduced new integrated services for payment, shipping, and tracking. Their technology allows businesses to easily scale without encountering limitations in functionality or flexibility. They are a leader in cross-channel commerce, making it simple to sell across Facebook, Instagram, Google, Amazon, and eBay.
The pandemic has further propelled e-commerce forward as retailers temporarily closed physical stores and consumer spend shifted online. Over the past few months, BigCommerce has seen increases in both new customers and digital sales for existing customers. And while we hope the need for social distancing will abate, changes in e-commerce behavior are likely to outlast the pandemic and the company is well-positioned to serve retailers as they continue to build out their omni-channel presence.
We’ve worked closely with the team as they expanded from solely serving small businesses to working with mid-sized companies with annual online sales of up to $50 million and large enterprises with sales in the billions. Revolution Growth has served on the BigCommerce board since our initial investment. We are incredibly proud of what President and CEO Brent Bellm and the entire team has accomplished. Our team congratulates them on this milestone and their continued journey to lead retailers into the digital era.
