Sydney-founded e-commerce platform goes public
BigCommerce, an e-commerce platform started by two Australians in 2009, raised more than US$216 million in its first day of trading on the NASDAQ on Wednesday.
With an initial public offering of more than 9 million shares at a price of US$24 per share, the company’s stock roughly tripled over the course of the day, closing at US$72.27.
Now headquartered in Austin, Texas, BigCommerce provides the software to open and run online stores. It’s used by tens of thousands of businesses in 120 countries, including major global brands, such as Ben & Jerry’s and Woolrich, and locally, Beer Cartel.
Over the years, the Shopify rival has partnered with various third-party companies to simplify the checkout process, improve site loading speeds, integrate with Instagram and more.
“E-commerce is constantly evolving, and brands need technologies that allow them to stay current and competitive,” Brent Bellm, BigCommerce CEO, said two years ago, after the company announced a capital raise to help fund these partnerships.
BigCommerce was started by Eddie Machaalani and Mitch Harper (pictured).