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Ecwid Secures $42 Million to Democratize Access to E-Commerce Solutions for Small Businesses

SAN DIEGO, May 21, 2020 (GLOBE NEWSWIRE) -- Ecwid, a leading global software-as-a-service (SaaS) e-commerce company, today announced a funding round of $42 million led by Morgan Stanley Expansion Capital and PeakSpan Capital. Ecwid provides online selling solutions for small businesses and enables them to establish a digital storefront in a matter of hours. In the past year, the company has seen strong momentum as a result of continued product innovation, expansion of their global partner ecosystem, and a powerful platform customers consider the easiest-to-use in the industry.
The funds will in part be used to buy-out previous and early-stage investors, including Runa Capital and iTech Capital, as well as to fuel aggressive growth including an expected doubling of headcount. Joining Ecwida??s Board of Directors are PeakSpan Capital Co-Founder and Managing Partner Phil Dur, and Pete Chung, Managing Director and Head of Morgan Stanley Expansion Capital.The Covid-19 global health crisis has forced merchants to close physical storefronts and adapt to a new world of commerce and customer interactions. As a result, Ecwid has seen a surge in adoption of their free and easy-to-use solution; new customer sign-ups have tripled as merchants turn to Ecwid to transition their businesses online to survive during this time of uncertainty. Transaction volume amongst Ecwida??s hundreds-of-thousands of active customers increased more than 50 percent from April to March alone.a??High costs and complex technology have traditionally prevented the majority of small businesses from shifting their brick-and-mortar presence to digital. Ecwid is at the forefront of empowering small businesses to meet those challenges head-on,a?? said Ruslan Fazlyev, Founder and CEO of Ecwid. a??The support early on from Runa Capital as we spun Ecwid out of a previous e-commerce company, X-Cart, played a massive role in the expansion of our partner channels, and iTech Capital was an important player in funding further growth. The new wave of funding gives us the resources and flexibility to accelerate the evolution of an e-commerce platform and to further expand internationally. We are playing an important role in enabling small businesses to survive, thrive and grow in this new Covid-19 world.a??Over the last decade, Ecwid has steadily built an expanding set of tools and signed up more than 1.5 million small businesses in more than 175 countries and supporting 54 languages. Ecwid has seen significant growth over the past two years, with new customer sign-ups doubling in 2019 and jumping another 300 percent this quarter vs. 2019. Ecwid has also earned a Net Promoter Score of 60, far above the industry average. Industry and customer reviews consistently rank Ecwid favorably against all other e-commerce platforms.
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