Spree Commerce grabs $5M in Series A round led by Thrive Capital

By Nicel Jane Avellana

Feb 26, 2014 11:34 AM EST

Spree Commerce secured $5 million for its Series A funding round led by Thrive Capital, VentureBeat reported.

The Vegas Tech Fund of Zappos Founder Tony Hsieh and Red Swan Ventures also participated in the round which was also joined by existing backers True Ventures and AOL Ventures. This is Spree Commerce's first institutional round, the report said.

The Bethesda, Maryland-based startup develops open source software that allows online retailers to create their own storefronts on the Internet. These storefronts built with one of the most commonly-used open source technologies worldwide are customized and complete with features, the report said.

Spree Commerce Chief Executive Officer Sean Schofield said in a statement, "Spree Commerce technology empowers sellers at any stage of their company's growth. This funding will allow us to build upon our already solid foundation and accelerate the pace of our innovation in the e-commerce space."

Retailers are able to open their online stores quickly using the startup's open source software. So far, there are already over 45,000 retailers in more than 100 countries use Spree. This includes such firms as Bonobos, 3.1 Phillip Lim and Blue Bottle Coffee. Nearly 500 developers have added to the platform, the statement said.         

Spree Commerce rolled out its hub last year that automated the connections of storefronts to their backend operations. It is now easier for clients to link to other aspects of their operations like their accounting systems, fulfillment providers, ERPs and in-store payment systems because of the hub, which is compatible with Spree, Magento, hybris and other storefront platforms, the statement said.

Bonobos Chief Executive Officer Andy Dunn was one of those who were satisfied with the hub. He said in the statement, "At Bonobos Inc., we launched our women's brand AYR on the Spree platform and were able to get the new site live in 100 days. On the men's side, we have implemented the Spree Commerce hub for Bonobos, and it has provided a much better integration between our storefront and our ERP system."  

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