Elastic Path Valuation, Funding & Investors
Elastic Path is valued at $103M as of June 2018.
Last Elastic Path valuation
$103M
Series B · Jun 2018
Last Elastic Path funding round
$30M
Undisclosed stage · Dec 2022
Cumulative funding Elastic Path raised
$140M
across 6 funding rounds
Key investors in Elastic Path
Yaletown Partners
BDC Capital
Sageview Capital
BlackRock
Framework Venture Partners
About Elastic Path
Elastic Path is a Vancouver-headquartered remote-first company with offices in Toronto, Boston, Newcastle upon Tyne, and Reading. It provides a composable commerce platform enabling brands to assemble multi-vendor shopping experiences via modular components. The solution reduces implementation risks for business and tech teams pursuing headless architectures in global e-commerce deployments.
Founded
2000
HQ
VancouverWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$103M (Jun 2018)
Elastic Path Valuation
Elastic Path is currently valued at $103M, based on its Series B in June 2018.
The $33M round was led by Sageview Capital, with participation from Yaletown Partners and BDC Capital.
Elastic Path valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2018 | Series B | $103M |
Elastic Path Funding History
Elastic Path has raised a total of $140M across 6 funding rounds.
Elastic Path's first fundraising round was a $4M seed round in July 2013. The most recent completed round was a $30M undisclosed-stage round in December 2022.
Elastic Path funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2022 | Undisclosed stage | Sageview Capital (lead) | $30M | - | Elastic Path is a Vancouver-based software company providing back-end e-commerce platforms and composable commerce solutions for major brands, powering mission-critical digital commerce for over 200 clients including Intuit, Deckers Outdoor, T-Mobile, Swisscom, and Boulanger. The firm expanded via acquisition of Moltin Ltd. pre-pandemic, adding offices in Boston and the U.K., and opened a Toronto office in 2018. Elastic Path had between 201-500 employees as of late 2022, with around 220 in 2020. The company raised $90 million in 2022, comprising a $60 million growth funding round announced in February and an additional $30 million growth funding led by Sageview Capital with participation from existing investors, announced around December 7-9, 2022. This brought total funding to over $146 million across seven rounds, with prior rounds including a Series B of $43 million in 2018. In 2022, Elastic Path released over 200 products for clients and reported 200% year-over-year growth in product bookings. The funding supports its strategy in a digital-first economy amid market turbulence, emphasizing differentiated offerings and customer success. |
| Feb 2022 | Undisclosed stage | BlackRock (lead); Sageview Capital (lead) | $60M | - | Elastic Path, a leader in composable commerce and provider of headless API-based e-commerce platform software for large enterprises with complex use cases, secured $60 million in growth funding announced in February 2022, followed by an additional $30 million later in 2022 led by Sageview Capital, totaling $90 million for the year. The initial $60 million round included participation from Blackrock Enhanced and Sageview Capital as lead investors, bringing total funding raised to over $120 million. The company, founded in 2000 and headquartered in Vancouver, Canada, uses a headless architecture that integrates best-of-breed front-end solutions for multi-channel e-commerce experiences. In 2022, Elastic Path achieved 200% year-over-year growth in subscription bookings and overall growth, alongside launching products like EP Product Experience Manager (PXM) for product data management and EP Payments for pre-integrated payments, with 221 new product releases focused on merchandising and commerce experiences. It was recognized as a Visionary in the Gartner Magic Quadrant. Sageview Capital, which first invested in June 2018, provided operational support including KPI refinement, sales and marketing team scaling, customer introductions, and go-to-market strategy enhancements. The funding aimed to accelerate Elastic Path's leadership in composable commerce amid market transition from legacy models. Additional 2022 developments included hiring Kristin Hambelton as CMO and recognition as a Great Place to Work in the US, UK, and Canada. |
| Jun 2018 | Series B | Sageview Capital (lead); Yaletown Partners; BDC Capital | $33M | $103M | Elastic Path is a Vancouver-based provider of enterprise headless commerce solutions, offering API-oriented commerce platforms like Elastic Path Commerce for B2B and custom e-commerce applications. The company, founded nearly two decades prior, was bootstrapped until 2013 and competes with Oracle, IBM, and SAP, serving customers including Intuit, T-Mobile, Carnival Cruise Line, Swisscom, and Boulanger across over 170 countries, with its technology generating more than $60 billion in commerce. On June 19, 2018, Elastic Path closed a $43 million Series B funding round led by Sageview Capital, with participation from existing investors Yaletown Partners and BDC Venture Capital, bringing total funding to over $63 million. The funds were allocated to ramp up R&D for B2B markets, open a Toronto office to attract developers, and expand the workforce of 150 by 33 percent by year-end. The company has since raised additional rounds, including $60 million in 2021 led by Sageview with BlackRock participation, $30 million in late 2022 also led by Sageview, totaling over $146 million across multiple rounds, and acquired Moltin in 2020 to bolster its microservices capabilities and expand geographically. |
| Oct 2015 | Series A | BDC Capital (lead); Yaletown Partners (lead); Framework Venture Partners | $8M | - | Elastic Path is a Vancouver-based enterprise commerce software platform that provides composable, headless commerce solutions to large retailers and brands. The platform enables companies to manage omnichannel ecommerce by integrating previously siloed functions, allowing marketing teams to create personalized offers and manage customer interactions across multiple touchpoints. In October 2015, Elastic Path raised $10 million in follow-on funding led by Yaletown Venture Partners and BDC Venture Capital IT Fund. The company planned to deploy proceeds toward growing software-as-a-service revenues, deepening partner channels, and continuing technology innovation. By the time of this round, Elastic Path counted major customers including Carnival Cruise Line, T-Mobile, Intuit, Swisscom, and Boulanger, with its commerce platform having generated more than $60 billion in transactions across over 170 countries. The company had achieved 120 percent growth in subscription revenue in the year prior to its Series B announcement in 2016, demonstrating strong market traction in the enterprise commerce segment. |
| Sep 2014 | Series A | BDC Capital (lead); Yaletown Partners | $5M | - | Elastic Path, a Vancouver-based e-commerce software company founded in 2000, raised $5.35 million in follow-on financing led by BDC Venture Capital IT Fund, with participation from Yaletown Venture Partners. This round followed $8 million in debt financing from Wellington Financial LP and $4 million in growth equity from Yaletown. The funds supported expansion of partner channels in the Americas and Europe, marketing efforts, R&D, and product development. The company, employing 150 people with two-thirds in Vancouver, served clients including Google and Louis Vuitton. Elastic Path originated as a custom enterprise software developer before specializing in e-commerce solutions. A separate $10 million round was later led by Yaletown Venture Partners and BDC Venture Capital IT Fund to grow SaaS revenues, invest in partner channels, and innovate its patented commerce platform. The funding addressed rising demand for omnichannel commerce amid growing e-commerce sales. |
| Jul 2013 | Seed | Yaletown Partners (lead) | $4M | - | Elastic Path Software Inc., a Vancouver-based digital commerce company, secured CDN$4 million in growth equity financing from Yaletown Venture Partners on July 22, 2013. This investment brought the total financing to CDN$12 million over the past 60 days, following an earlier CDN$8 million debt facility from Wellington Financial LP in June 2013. Yaletown selected Elastic Path for its leadership team, global customer base, and innovative technology portfolio, including the patent-pending Cortex API solution for embedding commerce in digital experiences. The funding aimed to support aggressive growth in ecommerce software and API commerce markets. Elastic Path's software powers commerce for clients like Google and Virgin Media. |
Who has invested in Elastic Path?
5 investors have backed Elastic Path across its funding rounds, including Yaletown Partners, BDC Capital, Sageview Capital, BlackRock and Framework Venture Partners.
Lead investors include Sageview Capital, BlackRock, BDC Capital and Yaletown Partners.
Elastic Path Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Vancouver | 4 | Lead | Jul 2013 | |
 San Francisco, CA | 3 | Lead | Jun 2018 | |
| Montreal | 3 | Lead | Sep 2014 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Elastic Path
Elastic Path has acquired 2 companies to date.
Last acquisition by Elastic Path was on April 26th 2023. Elastic Path acquired Unstack for undisclosed valuation.
Latest Acquisitions by Elastic Path
| Description | - | Moltin is a London-headquartered headless commerce API platform enabling developers to build custom e-commerce sites and apps for brands worldwide. The service provides serverless components for product catalogs, shopping carts, payments via Stripe and PayPal, and inventory synced across Shopify and BigCommerce. Used by retailers like Gymshark and Farfetch, Moltin processes millions of transactions monthly with global CDN delivery from data centers in Virginia and Frankfurt. |
| HQ Country | | |
| HQ City | - | Boston, MA |
| Deal Date | 26 Apr 2023 | 13 Jan 2020 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Elastic Path acquisitions and their M&A valuation multiples. Start Free Trial | ||
Elastic Path Competitors
Elastic Path competitors include listed companies like AudioEye and Netbay, and private ones like Glide Apps, OppDoor, Spangle and UrbanPiper.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $104M | - | |
 Singapore | Private | - | - | $100M | - | |
| Seattle, WA | Private | - | - | $100M | - | |
 Bangalore | Private | - | - | $100M | - | |
| United States | Publicly listed | $40M | $2M | $94M | 2.4x | |
 Thailand | Publicly listed | $22M | $11M | $71M | 3.3x |
Elastic Path Public Comps
Elastic Path is still privately-owned, but its public comps include ZeroStack, Arab Sea, Lemonsoft, AudioEye, AtaTP, Asteria, Link Bilgisayar, Ntt Data Intramart, Netbay and Ilyda.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $36M | ($115M) | 2.8x | 3.2x | (0.9x) | - | |||
| $14M | ($608K) | 7.9x | - | (183.4x) | - | |||
| $34M | $11M | 3.1x | 3.1x | 10.0x | 10.2x | |||
| $40M | $2M | 2.5x | 2.4x | 63.7x | 8.8x | |||
| $116M | $78M | 1.6x | - | 2.4x | - | |||
| $22M | $9M | 4.7x | 4.8x | 11.8x | - | |||
| $29M | $11M | 2.3x | - | 5.9x | - | |||
| $94M | $16M | 1.0x | 1.0x | 5.9x | - | |||
This data is available for Pro users. Sign up to see all Elastic Path competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Elastic Path
| When was Elastic Path founded? | Elastic Path was founded in 2000. |
| Where is Elastic Path headquartered? | Elastic Path is headquartered in Vancouver, Canada. |
| Is Elastic Path publicly listed? | No, Elastic Path is a private, VC-backed company. |
| What is Elastic Path's valuation? | Elastic Path was last valued at $103M in its Series B in June 2018. |
| How much funding has Elastic Path raised? | Elastic Path has raised $140M across 6 funding rounds. |
| What was Elastic Path's last funding round? | Elastic Path's last funding round was a $30M undisclosed-stage round in December 2022, led by Sageview Capital. |
| Who are Elastic Path's investors? | Elastic Path's investors include Yaletown Partners, Sageview Capital, BDC Capital, Framework Venture Partners and BlackRock. |
| Which companies are comparable to Elastic Path? | Companies comparable to Elastic Path include Glide Apps, OppDoor, Spangle, UrbanPiper, AudioEye and Netbay. |
| How many companies has Elastic Path acquired? | Elastic Path has acquired 2 companies, including Unstack and Moltin. |
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