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Volusion, the leading provider of ecommerce software and services, today announced it has secured a $55 million financing led by Main Street Capital Corporation. The funds will be used to fuel the rapid development of the company’s enterprise platform, Mozu, which has experienced tremendous gains during its first year in the market, while further advancing its small-to-medium-sized businesses (SMB) platform, Volusion.
“Supporting Volusion’s vision as they generate significant growth with the Mozu platform is a natural fit for us,” said Dwayne Hyzak, Chief Operating Officer and Senior Managing Director of Main Street Capital Corporation, and recently added member of Volusion’s Board. “Not only do we look forward to Mozu creating even more waves in the enterprise ecommerce space, but we are very excited about the opportunity to expand Volusion’s proven model of success and profitability.”
2014 was a banner year for Volusion, as it revealed its much-anticipated API-first platform, Mozu, in January. Mozu is designed to bring clients to market faster and more cost effectively, and is the only enterprise ecommerce platform built for the future of retail. Since its launch, Mozu has quickly gained adoption in the enterprise ecommerce sector and major competitors have taken notice.
“Mozu’s first year went better than any of us could have anticipated and this round of funding will be instrumental in fanning the fire of Mozu altering the enterprise space,” noted Clay Olivier, CEO of Volusion. “Not only were we able to launch numerous clients within the first twelve months, we have seen each of those sites experience faster performance than with previous providers. We also signed several major brands to replatform with Mozu instead of choosing the platforms of our larger competitors, including Demandware, Oracle’s ATG, eBay Enterprise, Magento, SAP’s hybris, and others. One specific example is an online apparel retailer that does over $100 million annually and is going live on Mozu later this year.”
Beyond amplifying Mozu, these funds will also be leveraged to further modernize the Volusion platform, which has processed more than $17 billion in merchant sales and successfully served small-to-medium-sized businesses since 1999. Technology modernization improvements will play a key role in the Volusion platform’s continued growth, as well as better enabling excellent customer experiences for customers of all sizes. Major updates will include a new administrative interface and a highly sophisticated theme engine to be introduced later this year.
“This funding is a major milestone in taking our organization to the next level as we move toward an IPO,” said Olivier. “We now have the additional capital injection needed to further disrupt the industry by widely expanding Mozu’s modern technology while also better serving the small–and-medium-sized business community with Volusion. We couldn’t be more excited about the opportunities in front of us.”
About Volusion, LLC
Volusion, LLC provides commerce solutions for all business types, ranging from startups to large enterprises. The organization’s product portfolio includes: the Volusion platform, designed for entrepreneurs and small-and-medium-sized businesses (SMBs), and the Mozu platform, which is built for the large enterprise market. Volusion, LLC is dedicated to providing the solutions, services and support needed to connect people to technology that empowers the success of their business.
About Main Street Capital Corporation Main Street is a principal investment firm that provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one stop” financing alternatives. Main Street is a publicly-traded principal investment firm with over $2.5 billion of capital under management and its common stock trades on the New York Stock Exchange (“NYSE”) under the ticker symbol “MAIN.”