SVB Provides Debt Financing to Volusion
Volusion announced it completed a $35 million debt financing with Silicon Valley Bank to expand its portfolio of best-in-class solutions. This financing will be utilized to accelerate the continued enhancement and development of the Volusion platform, designed to meet the needs of small-to-medium businesses, and the new API-first Mozu platform, which is optimized for the enterprise business.
Additionally, these investments will fund aggressive growth of the Volusion team, including roles across the product, support, sales, marketing and IT organizations.
The decision by Volusion’s management and founders to finance the company’s current capital needs with debt rather than venture capital or private equity allows the stockholders and employees of Volusion to retain the value that will be created by this investment. This directly aligns with the company’s plans for a potential initial public offering in the future.
“Helping dynamic, high-growth companies become more successful is what we strive to do every day. Working with Volusion Inc. compounds that effort since as it grows it helps even more small-, medium- and enterprise-sized businesses become successful too,” said Blake English, managing director for Silicon Valley Bank in Austin. “As Volusion continues to grow and power some of the most successful merchants’ online presence, we believe this new financing will give the team the flexibility it needs to tackle its goals in 2014 and beyond.”
Volusion has achieved substantial growth over the past several years, adding tens of thousands of clients to its roster using the Volusion platform, and recently launching the Mozu platform. Additionally, the company has added over 400 employees since 2009, and expanded its partner network to include hundreds of best-in-class companies and solutions providers.
“We have aggressive expansion plans in the coming years for Volusion Inc. as we continue to grow our SMB offering, as well as disrupt the enterprise commerce space with the Mozu platform. We have reimainged commerce and Mozu fulfills our vision of truly limitless commerce for the largest retailers in the world. This funding enables us to reach our goals for extensive growth and to satisfy the increasing aspirations of businesses of all sizes in their quest to dominate their markets,” said Clay Olivier, CEO, Volusion.
Volusion provides commerce solutions for all business types, ranging from startups to large enterprises.