Submitted by a.foley on Thu, 01/05/2017 - 09:18
Open-source eCommerce platform provider Magento Commerce recently snagged a whopping $250 million in new funding from one of China’s largest investment firms, Hillhouse. This latest fundraising puts Magento Commerce’s valuation at more than $700 million, according to a person familiar with the deal.
In a statement, Magento Commerce said that the new money will fund a global expansion, particularly in Asia, of both its sales and marketing operations. Additionally, the funding will reportedly be used to reinforce customer support and to boost product development, as well as any potential acquisitions.
