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Group Commerce Receives $21 Million for Product Development and International Expansion
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Group Commerce Receives $21 Million for Product Development and International Expansion

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2 pages
English
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Group Commerce Receives $21 Million for Product Development and International Expansion PR Newswire NEW YORK and LONDON, May 29, 2012 - Company Reports 30% Growth in Month-to-Month Revenues NEW YORK and LONDON, May 29, 2012 /PRNewswire/ -- Group Commerce Inc.

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Group Commerce Receives $21 Million for
Product Development and International
Expansion
PR Newswire
NEW YORK and LONDON, May 29, 2012
- Company Reports 30% Growth in Month-to-Month Revenues
NEW YORK
and
LONDON
,
May 29, 2012
/PRNewswire/ -- Group Commerce Inc.,
the market-leading e-commerce platform for publishers, today announced its
Series C funding of
$21 million
from Jafco Ventures and existing investors
including Spark Capital, Carmel Ventures, and others.
The funding will be used to increase support for its growing US client base,
further develop its technology platform to enable all forms of e-commerce, and
to accelerate its rollout into the UK,
Germany
and other European countries.
Today's news follows Group Commerce's acquisition of the UK operations of
Dealised, whose employees and clients were integrated into Group Commerce's
European business in April.
"Group Commerce is the only full-service technology and services solution
powering the rapidly growing e-commerce capabilities of the world's biggest
media companies," said Jonty Kelt, Co-founder and CEO of Group Commerce.
"This investment will help us increase our market leadership internationally and
extend the capabilities of our technology to help our partners further
participate in this large and business critical field of e-commerce."
Since its inception in 2010, the
New York City
headquartered company has
raised over
$40 million
from investors, and grown to employ 125 people in
America and Europe. Fueled by 30% growth in month-to-month revenues over
the last 12 months serving top publishers and merchants, Group Commerce is a
driving force behind the convergence of content and commerce.
"The team at Group Commerce delivers the best technology and services for
media companies and merchants looking to maximize e-commerce," according
to Tom Mawhinney, General Partner at Jafco Ventures. "After looking carefully
at the
$240 billion
a year e-commerce market, it became evident that their
enterprise-grade platform serves as a true command center for a publisher's e-
commerce program; there's nothing else like it in the market."
The Group Commerce platform is designed with one mission – to enable
publishers, broadcasters, and media companies to succeed in e-commerce by
selling relevant services and products to their respective audiences. In addition
to its e-commerce technology, the company provides professional services
such as merchandising strategy, offers sourcing, customer service, audience
development and merchant payment administration. This full-service solution
enables Group Commerce to help its customers grow e-commerce revenues,
deepen audience engagement, and unlock new ad budgets.
"It is immensely gratifying to see the traction that Group Commerce has
developed in the marketplace, particularly over the last six months," said Todd
Dagres, Founder and General Partner of Spark Capital. "The fundamentals of
their business, their position in the market, and the way they deliver their
solution represent a winning business model; they are the clear market-leader."
About Us
Group Commerce is the market-leading platform for publishers who want to
succeed in e-commerce. The Company serves all the three entities –
consumer, publisher and merchant—that make e-commerce programs work.
Founded in 2010, Group Commerce is backed by Spark Capital, Carmel
Ventures, Jafco Ventures, Lerer Ventures, and Bob Pittman. Clients include:
Boston.com, CBS Local, DailyCandy, The New York Times, Thrillist and many
more.
Contact:
Joshua Neckes, Director of Marketing
jneckes@groupcommerce.com +1-917-715-0347
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