AUSTIN, Texas – ClearCommerce Corp., a developer of e-commerce transaction technology, in January closed the first tranche of its second venture capital round, landing $7.5 million of a $10.5 million cap.
Voyager Capital of Seattle led the first closing, followed by New Enterprise Associates. Existing investors Austin Ventures and Internet Capital Group invested their pro rata shares, said Robert Lynch, president of ClearCommerce.
Proceeds from the financing will serve as working capital to expand the company’s global sales and marketing operations and development of existing and next-generation products. ClearCommerce currently offers its customers a suite of products that ease payment processing and help in reporting and fraud protection.
“Increasingly, sellers are using both UNIX and NT-based systems, and their product will work with either,” said Bill McAleer, managing director at Voyager Capital.
He added that a number of e-commerce companies have built single applications that cannot be scaled alongside a growing business – a problem ClearCommerce has resolved in its product.