Germany's REWE Group has arranged for additional investment in the software company commercetools through another round of financing via its subsidiary REWE Digital.
Insight Partners, an American co-investor and a majority stakeholder in commercetools since autumn of 2019, also took part in the new financing round.
Insight Partners and REWE Group have agreed not to disclose the exact amount of the additional investment capital.
In 2014, REWE Digital acquired the Munich-based commercetools, a leading global software company and platform for next-generation B2C and B2B trade.
It offers a cloud-based operating system for online trading on which the world's leading manufacturers and retailers operate modern trading solutions.
The group operates a so-called 'headless' e-commerce software based on an API-first approach and flexible microservices.
Commercetools has emerged in the second place in Europe in terms of sales in the commerce software for companies segment, behind SAP.
In recent years, the company has opened new offices in the UK and the Asia Pacific and has built a large customer base, including international brands from all industries, such as Audi, Bang & Olufsen, Danone, Flaconi, Lego, Smeg, Panasonic, and Vistaprint.
Expansion In China
The next project for commercetools is to expand business in China, with the help of its investors: REWE Group and Insight Partners.
Lionel Souque, CEO of REWE Group, said, "commercetools has meanwhile become one of the most valuable technology grown-ups from Europe. We recognised the potential early on and have been using the flexible technology in our digital business since 2015."
Dirk Hoerig, CEO of commercetools, said, "Thanks to the renewed investment round, we can further accelerate our growth in the markets in North America and Asia-Pacific.
"These already control 40% of our sales. The amount of this funding underlines once again that we are on the right track."