May 25th, 2011
This whole Facebook thing might just catch on: ShopIgniter secures $8 million in venture funding
ShopIgniter is kind of one of those quiet startups around Portland. There isn’t a great deal of hubbub around them. Not a great deal of hype. Last year they quietly landed $3 million. Today, ShopIgniter quietly announced that they had landed another $8 million in Series B.
It’s funny—that for something this large for the Portland startup scene—the news just kind of trickles out there quietly. Oh you know… Just $11 million total. Just attracting new investors to Portland. Just follow-on from big time VC, Madrona. Just currently leading the funding for this new class of Web startups around Portland. You know, the usual.
But that’s just kind of, well, Portlandy.
“ShopIgniter is the first software provider to fully integrate social promotional capabilities with enterprise-class eCommerce functionality using a platform approach and is now the market leader in social commerce software for brands and retailers,” said Larry Orr, General Partner at Trinity Ventures who helped lead the round. “ShopIgniter customers have the best of all worlds. First, they have the ability to enhance eCommerce offerings on the social Web with new retail models and social promotional capabilities. Second, retailers can integrate with existing back-end systems to ensure a complete view of their customers’ buying behaviors. Lastly, but probably most importantly, ShopIgniter’s software allows online shoppers to promote products and influence the purchasing decisions of their friends.”
Who’s Larry? Oh, he’s just a guy. You know with some money to dole out. Oh, and a few other successes, according to John Cook over at GeekWire.
As a result of the financing, Larry Orr of Trinity has joined the company’s board. Trinity has latched on to other fast-growing consumer Internet companies from the Pacific Northwest, having previously backed Blue Nile and Zulily. In ShopIgniter, Orr thinks he’s found another winner.
Oh. What does ShopIgniter do? Oh you know. They’re among the first to crack the code on storefronts in Facebook. Just the most massive social network on the Web. So yeah. Like they can help huge brands establish commerce outposts on Facebook. Like Nike. If they want. Might have potential.
And if you’re interested in getting involved in this quiet little company, keep your ear to the ground. Because according to Mike Rogoway over at The Oregonian, they’re going to be using this money for hiring.
ShopIgniter has added two-dozen employees since its last funding round, in March 2010. Compton said the company is continuing to hire, and plans to add as many as 20 more workers in the next year. Tuesday’s investment will fund expansion of ShopIgniter’s sales and marketing, and add new features to its software.
And perhaps just as importantly, it was a quiet learning experience for ShopIgniter. Which they’ve made a little more public with a post by Matt Compton.
The ShopIgniter team is excited to announce that we have recently closed a Series B financing with new investor Trinity Ventures and existing investor Madrona Ventures. This investment will help us extend our leadership in social commerce software and further deliver on our goal of providing the most compelling social eCommerce solution for brands and retailers. While a company’s ultimate success is determined by its strategy, products, employees and customers, the crucible of a concentrated fundraising process can force a certain clarity around the business and provide great insights into the current state of a market space. These thoughts aren’t meant to fully discuss all aspects of our emerging space but rather to highlight some interesting takeaways from the fundraising process.