Insight invests $145m in CommerceTools

Insight is currently investing from its Insight Venture Partners X fund, which closed on £6.3bn in July 2018. It was 71% deployed as of June 2019 and has made investments in other European companies including computer services firm Detectify and software provider Veeam.

Rewe Digital, owned by Germany-based global retail and hospitality business Rewe Group, remains a shareholder.

Following the transaction, the investment will be used to expand the company's presence in the US, Asia and Europe. Insight managing directors Richard Wells and Matt Gatto will join the board of directors.

Previous funding
In 2006, Astutia Ventures, Bayern Kapital and High-Tech Gründerfonds (HTGF) provided seed-stage funding for CommerceTools.

Bayern Kapital, HTGF and BayBG invested an additional amount of less than €10m in the company in 2011. Family office Wecken & Cie also participated.

HTGF, Bayern Kapital and BayBG sold their stakes to Rewe Digital in 2014.

Company
Founded in 2006, CommerceTools offers software for a cloud-based e-commerce platform. Based in Munich, the company has offices in Germany, the Netherlands and the US, and employs 166 staff, according to LinkedIn.

People
Insight Venture Partners – Richard Wells, Matt Gatto (managing directors).
CommerceTools – Dirk Hoerig (CEO).

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• Insight Venture Partners
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