Accel leads USD 140m round for CommerceTools

Existing investors Insight Venture Partners and Rewe Digital also participated in the round.

The company is now valued at more than USD 1bn, according to a statement.

Accel is currently deploying from Accel London VII, which held a final close in June 2021 on USD 650m.

Following the investment, CommerceTools intends to expand its sales and marketing in the US, Europe and the Asia-Pacific region. The company also intends to invest in its product portfolio and third-party partnerships.

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

Bayern Kapital, HTGF and BayBG made a further investment in the company in 2011, joined by family office Wecken & Cie.

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

In October 2019, Insight led a USD 145m round for CommerceTools, deploying equity via its GBP 6.3bn Insight Venture Partners X vehicle.

Company
Founded in 2006, CommerceTools in a cloud-based e-commerce software platform that aims to allow B2B and B2C businesses to manage the online experience of their customers. The company's clients include Lego, John Lewis, Audi and Volkswagen.

In addition to its Munich headquarters, CommerceTools has offices in Berlin and Jena in Germany, as well as Amsterdam, London, Durham in the US, and Singapore.

People
CommerceTools – Dirk Hoerig (CEO).
Accel – Ping Li (partner).
Insight Venture Partners – Richard Wells, Matt Gatto (managing directors).
Rewe Group – Jan Kunath (deputy CEO).

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• Topics
• Expansion
• DACH
• Technology
• Venture
• Insight Venture Partners
• Accel Ventures
• Germany