Commerce Guys Receives $5 Million in Funding

Leading Drupal eCommerce Company Infused with Series A Funds

March 6, 2012— Commerce Guys, the company behind leading eCommerce solution Drupal Commerce, announces receiving $5 million in venture funding. The round represents Series A funding for the company and was led by Paris-based investment firm Alven Capital, one of the most active funds for eCommerce in Europe. Espoo, Finland-based Open Ocean Capital, a venture capital firm known for its partners’ success in founding MySQL AB and expertise in open-source technologies, and Paris-based ISAI, the French entrepreneur’s fund, also contributed to the round.

“We are very excited to be supported by Alven Capital, Open Ocean and ISAI in taking Commerce Guys to the next level,” said Mike O’Connor, co-founder and president of North America, Commerce Guys. “The funds will propel our efforts to expand the Drupal Commerce technology and ecosystem, and allow us to focus on providing solutions to both global and emerging eCommerce companies.”

With the new funding and ongoing growth, Commerce Guys anticipates adding 30 key staff members in the coming months, half of them in their Michigan-based North American headquarters. The company currently has 37 employees split between the United States and its European headquarters in Paris.

With this Series A round, Commerce Guys has received a total of $6 million in funding; ISAI provided an initial seed round in 2010.

“Alven has a long history of funding eCommerce start-ups and we know how important it is to have the right underlying technology. Drupal Commerce offers e-merchants the kind of flexibility and innovation they need to execute successfully in the marketplace,” said Nicolas Celier, partner, Alven Capital.

Drupal Commerce, created by Commerce Guys, is an open-source framework now in use in over 10,000 websites worldwide. Known for its unprecedented flexibility, scalability and security for conducting modern eCommerce, Drupal Commerce offers a range of capabilities, including the ability to upload catalogs of merchandise, accept payments online, integrate with shipping services and interact with customers. Through Drupal Commerce, online retailers have a leading-edge solution for complex product, content, community and context management.

“We understand the power of open-source as a strategic, long-term and robust technology solution,” said Tom Henriksson, partner, Open Ocean and Commerce Guys strategic committee member. “We believe that Drupal Commerce is positioned to be a leading solution in the eCommerce software industry. We are excited to support Commerce Guys in developing a rapidly scalable business rooted in the vibrant open-source Drupal community.”

Commerce Guys offers online retailers a range of services and support to fully leverage and customize Drupal for eCommerce.

As an enterprise-grade platform with a proven track record of powering the busiest websites in the world, Drupal allows organizations to develop a strategic, long-term web strategy without the confines of proprietary systems. There are no licensing fees, saving many organizations hundreds of thousands to millions of dollars in annual fixed-costs while providing unparalleled options and flexibility.

About Commerce Guys
Commerce Guys, creators of Drupal Commerce, is the leading eCommerce company working with Drupal, a powerful open-source web infrastructure and social publishing platform. Known for its unprecedented flexibility, scalability and security for conducting modern eCommerce, Drupal Commerce offers a range of robust capabilities.

The mission at Commerce Guys is to serve Internet merchants by helping them leverage the power of Drupal for their online stores with cutting-edge technology, expertise and open-source collaboration. For more information, visit us at www.commerceguys.com

About Alven Capital
Alven Capital is an independent venture capital firm which manages €150 million for institutional investors. Alven Capital contributes to growing companies in the Internet, media and technology sectors.
Alven Capital has already invested in more than 50 European companies, including: Companeo, MeilleursAgents.com, SeLoger.com, Lengow, Newsweb/Boursier.com, Aquarelle, MonShowroom, Liligo, Splendia, MakeMeReach, Smallable, Antvoice, HappyView, MyFab, eBoutic.ch, Planetveo, Quelle Energie, Qosmos, Webhelp, Prowebce, JolieBox etc. For more information, visit us at www.alvencapital.com

About Open Ocean Capital
Open Ocean is a leading early-stage venture capital firm focusing on European start-ups deploying user community or open-source business models. Open Ocean was the first major owner of MySQL AB, which was later sold to Sun Microsystems for $1 billion in 2008. Open Ocean leverages its direct experience as the founders of MySQL to provide hands-on support to the management of companies receiving Open Ocean’s funding. Open Ocean is led by partners Patrik Backman, Ralf Wahlsten and Tom Henriksson, and by “community and open-source wizard” Michael “Monty” Widenius, the original developer of the MySQL database and co-founder of the company MySQL AB. Open Ocean Fund Three is supported by the European Union through the Competitiveness and Innovation Framework Programme (CIP). For more information, visit us at www.openoceancapital.com

About ISAI
ISAI is the French Internet entrepreneurs' fund. Founded by Pierre Kosciusko-Morizet (PriceMinister), Geoffroy Roux de Bezieux (Virgin Mobile), Stéphane Treppoz (Sarenza) and OurielOhayon (Appsfire), and led by Jean-David Chamboredon (CEO, former 3i) and Christophe Raynaud (General Manager, former Paris Business Angels), ISAI invests €0.5m to €1.5m in young Internet companies that go through a rigorous selection process. These companies are then supported and coached by ISAI’s strong ecosystem. ISAI encompasses more than 70 successful entrepreneurs, founders and senior executives of Internet companies such as AuFeminin, Boursorama, Companeo, Criteo, Directinet, Fortunéo, FullSix, Kelkoo, Micromania, MisterGoodDeal, PhotoBox, PriceMinister, Sarenza, ScreenTonic, SeLoger, ThePhoneHouse, Vente-Privée and WebHelp. ISAI manages €38 million and is authorized by the French investment regulatory agency. More information on www.ISAI.fr and on twitter: @isai_fr