Jan 06, 2017
2017 is off to a tremendous start for CloudCraze. We are thrilled to announce we received $20 million in funding from Insight Venture Partners and Salesforce Ventures to grow our B2B commerce footprint and help major enterprises like Coca-Cola, Kellogg’s and GE sell to B2B customers on Salesforce.
The B2B commerce market is expected to grow more than $1 trillion by 2020, and CloudCraze is at the forefront, powering commerce for a growing roster of Fortune 500 companies and global B2B leaders. With this investment, CloudCraze will supercharge product development, rapidly increase our customer base, and continue expansion in the U.S. and EMEA.
You may have read the press release already, but we encourage you to check out the broad range of news outlets that wrote about our funding and drop us an email at email@example.com if you’re interested in learning more about our powerful commerce technology.
CloudCraze’s platform, which lets businesses buy products from other businesses somewhat like a consumer would shop online, is native to Salesforce, which offers a suite of tools businesses use to manage customer relationships. CloudCraze counts Coca-Cola, AB InBev and Kellogg’s among its customers.
The Chicago-based startup provides businesses with a tool to generate online revenue by connecting buyers and sellers on multiple channels. Customers include Coca-Cola, GE, and Kellogg’s. One of CloudCraze’s main competitors, Demandware, was recently acquired by Salesforce for $2.8 billion. This, along with Salesforce’s new business division, the Salesforce Commerce Cloud, is a clear indication of the CRM giant’s desire to establish its presence in the eCommerce market.
CloudCraze makes an e-commerce product that works on the Salesforce software platform. Its customers include Coca-Cola, Anheuser-Busch InBev, Ecolab, General Electric, Land O’ Lakes and Kellogg’s.
CloudCraze is ready to kick its growth into higher gear in the business of providing technology and services that help companies sell to other businesses online, the company said today.
CloudCraze is led by an executive team that previously founded and sold Chicago-based Acquity Group to Accenture for $316 million in 2013; that company is now Accenture Digital.
The $20 million round was led by Insight Venture Partners, a New York-based private equity firm that has raised more than $13 billion and invested in more than 250 companies, like Alibaba, Fanatics, Indiegogo and Twitter, as well as Chicago companies SMS Assist, SpotHero, and Caremerge.
Chicago tech is starting 2017 off on the right foot. CloudCraze, a Chicago-based e-commerce solutions provider announced on Thursday that it has raised a $20 million round of funding.
Forrester Research forecasts that the B2B commerce market will grow to more than $1.1 trillion by 2020. As global online sales increase, CloudCraze plans to continue to increase its customer base as well as expand within existing accounts.
VentureBeat reports Salesforce Ventures, Salesforce’s corporate investment unit, is part of a $20 million investment round in CloudCraze, an e-commerce startup that integrates into SalesForce’s cloud service. CloudCraze sells technology that connects buyers and sellers across different digital channels, and touts a client list that includes Coke, GE and Kellogg’s.