WebLinc garners $6 M Series A funding from Safeguard Scientifics for digital ecommerce platform
On Tuesyda, e-commerce platform provider WebLinc announced that it has received $6 million in a Series A financing round from Safeguard Scientifics, Inc. The platform reportedly powers retail companies like Free People of Urban Outfitters, Nasty Gal and even New York food company Eataly, TechCrunch said.
The funding will purportedly be used to accelerate the development of new features for WebLinc's commerce platform. Moreover the company also plans to put on board third-party integration partners and is eyeing the expansion of marketing and sales teams.
"WebLinc has a long and impressive history of powering eCommerce sites for leading brands around the globe through its innovative eCommerce platform. We are very excited to partner with the WebLinc team to take advantage of the massive opportunity in the eCommerce market." , said Safeguard Managing Director for Technology Erik B. Rasmussen in a company statement published on its website.
Rasmussen is expected as an addition to WebLinc's board of directors.
According to a white paper published by comScore on the state of US retail economy, e-commerce has showed an impressive growth rate of 13% year-over-year in the first quarter of 2014. This was an impressive growth rate as compared to offline retail which was nearly flat at only 1% growth from the previous year. Banking on this trend, WebLinc is eager to position itself to aid business-to-consumer (B2C) and business-to-business (B2B) operations by providing the omnichannel experience that customers are now expecting from service providers. The company reportedly aims to do so via its highly scalable platform, which it claims to provide full brand control, depth of features, and operational flexibility needed to run the most dynamic operations in a retail business.
"This is an exciting time for our company and our industry. Our commerce platform was created specifically for the growing retailer who has become too big for off-the-shelf or one-size-fits-all solutions. At the same time, these retailers do not want their growth hindered by going with a 10-15 year old enterprise platform which is difficult or impossible to advance and change with the speed of business. Our successful clients have always been the fastest growing, fastest to innovate, and the fastest to have those innovations live before their competition. The WebLinc platform allows great companies to innovate circles around their competition and this funding will allow WebLinc to reach more great companies," Darren Hill, WebLinc's co-founder and CEO said in the same press statement.
Meanwhile, Safeguard's CrunchBase profile read that the company has a reputation for fostering innovation and building market leaders. For six decades, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is noted to be focused on making investments in healthcare and technology.