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 14 days ago
 Source: siliconrepublic.com

Shopify rival Ecwid raises $42m as merchants turn to e-commerce

Quick Summary

Ecwid said that the $42m funding will be used for an ‘aggressive’ expansion and buying out early-stage investors. On Thursday (21 May), e-commerce start-up Ecwid announced that it has raised $42m in a funding round led by Morgan Stanley Expansion Capital and PeakSpan Capital. PeakSpan Capital co-founder and managing partner Phil Dur will join Ecwid’s board of directors, along with Pete Chung, managing director and head of Morgan Stanley Expansion Capital. The start-up sells its e-commerce tools directly and through third-party services such as Square and Wix, enabling businesses to build e-commerce solutions on their own websites and apps. In a statement about the funding, Ecwid said that it has seen an increase in business as the Covid-19 crisis has forced many merchants to close physical stores and adapt to the world of e-commerce.

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