Elastic Path adds C$30m in funding, bring YTD total to C$90m

• Earlier this year, Elastic Path secured C$60 million in financing, also led by Sageview
• Founded in 2000, Elastic Path serves more than 250 brands globally, including Intuit, Pella, Deckers Brands and T-Mobile
• In the past year, it reports seeing year-over-year growth in subscription bookings of more than 200 percent

Elastic Path, a Vancouver-based provider of composable headless commerce solutions, has raised an additional C$30 million in growth financing. The round was led by Sageview Capital, a US private equity firm, with participation from other existing investors.

The latest deal builds on a C$60 million financing announced earlier this year, also led by Sageview and joined by BlackRock, BDC Capital and Yaletown Partners.

Founded in 2000, Elastic Path serves more than 250 brands globally, including Intuit, Pella, Deckers Brands and T-Mobile. In the past year, it reports seeing year-over-year growth in subscription bookings of more than 200 percent.

The company said it will use the new capital infusion to accelerate its leadership in the composable commerce space.

“Sageview Capital partners with industry-disrupting companies that are redefining legacy initiatives,” said Jeff Klemens, a partner at Sageview Capital, in a statement. “Our ongoing confidence in the team at Elastic Path is predicated on their commitment to leading and championing a new era in Composable Commerce. We look forward to a long partnership and continued innovation.”

Sageview Capital, which has more than $2 billion in assets under management, has an operationally focused strategy for investing in tech-enabled, lower mid-market companies. It is based in Greenwich, Connecticut.