NEA Leads $30 Million Investment in ChannelAdvisor.eCommerce Software as a Service Leader to Accelerate Expansion RESEARCH TRIANGLE PARK Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , N.C. -- New Enterprise Associates (NEA NEA abbr. 1. National Education Association 2. National Endowment for the Arts NEA (US) n abbr (= National Education Association) → Verband für das Erziehungswesen ) has invested $23.5 million in Research Triangle Park, North Carolina-based ChannelAdvisor, a leader in the eCommerce Software as a Service (SaaS) market. This Series C financing of $30 million was lead by NEA with participation from previous investors Kodiak Venture Partners, Advanced Technology Ventures, Southern Capital Ventures and eBay. As a result of this investment, NEA General Partner Patrick Kerins joins the ChannelAdvisor board of directors. "We're quite impressed with ChannelAdvisor's technology and customer traction," said Mr. Kerins. "We look forward to working with this experienced team as they continue to expand their business here in the US and abroad." ChannelAdvisor develops on-demand solutions that enable online retailers to optimize their e-commerce strategies for increased sales. The company will leverage the additional capital to amplify its presence in eCommerce channels such as paid-search and comparison shopping engines. Additionally ChannelAdvisor plans to expand its offerings into new geographic regions and investigate possible acquisition opportunities. "With this funding, ChannelAdvisor is poised to dominate the SaaS market for eCommerce," said Scot Wingo, Chief Executive Officer of ChannelAdvisor. "We've seen rapid growth, and can imagine an even greater future with NEA's support." About ChannelAdvisor Corporation ChannelAdvisor Corporation provides technology and services that enable leading online retailers to maximize their products across multiple e-commerce marketplaces such as eBay, Amazon.com and Overstock.com, comparison shopping engines such as Shopping.com, Shopzilla, Nextag and Froogle and search engines such as Google, Yahoo! and MSN (1) (MicroSoft Network) A family of Internet-based services from Microsoft, which includes a search engine, e-mail (Hotmail), instant messaging (Windows Live Messaging) and a general-purpose portal with news, information and shopping (MSN Directory). . In 2006, ChannelAdvisor managed over $1.6 billion in gross merchandise value (GMV GMV Game Music Video GMV Gross Merchandise Value GMV Ground Mobility Vehicle (US Army special operations vehicle) GMV Gross Metal Value GMV Got My Vote GMV Good Morning Vietnam GMV Generalized Minimum Variance ) on behalf of its customers. ChannelAdvisor solutions combine best practices, on-demand software See SaaS. and integration technology to help retailers sell more products, faster, by automating labor-intensive, manual functions so they spend less time optimizing campaigns and more time solving marketing and business issues. ChannelAdvisor's customers include Nokia, GSI Commerce GSI Commerce is an ecommerce company specializing in running online shopping sites for brick and mortar companies that wish to have an online presence. It contracts with companies such as Zales,[2] iRobot,[3] Hershey's, Palm Inc. , Sears and Motorola. ChannelAdvisor Corporation is headquartered in Research Triangle Park, NC with offices in Seattle, the United Kingdom and Germany. For more information, visit http://www.channeladvisor.com. About NEA New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners and practicing its profession with the highest standards and respect. NEA focuses on investments at all stages of a company's development, from seed-stage through IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . With approximately $8.5 billion in committed capital, NEA's experienced management team has invested in over 550 companies, of which more than 155 have gone public and more than 220 have been acquired. NEA has US offices in Reston, Virginia Reston is an internationally known planned community whose goal was to revolutionize post-World War II concepts of land use and residential/corporate development in American suburbia. , Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. and Baltimore, Maryland "Baltimore" redirects here. For the surrounding county, see Baltimore County, Maryland. For other uses, see Baltimore (disambiguation). Baltimore is an independent city located in the state of Maryland in the United States. . In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai China. For additional information, visit www.nea.com. |
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