Enter San Diego-based Ecwid, a software-as-a-service e-commerce company that provides online selling solutions for small businesses and enables them to establish a digital storefront in a matter of hours.
The 9-year-old company announced a $42 million round of funding on Thursday, led by Morgan Stanley Expansion Capital and PeakSpan Capital. Ecwid previously raised a total of $6.5 million in venture funding, including a $4 million Series B in 2014, according to Crunchbase data. In addition to the investment, PeakSpan Capital's co-founder and Managing Partner Phil Dur, and Pete Chung, managing director and head of Morgan Stanley Expansion Capital, will join Ecwid's board of directors.
A portion of the new funds will be used to buy out previous and early-stage investors, including Runa Capital and iTech Capital, Ruslan Fazlyev, CEO and founder of Ecwid, told Crunchbase News.
"After five years of joint effort growing a truly international player, I am happy to transfer Ecwid to the reliable hands of PeakSpan Capital and Morgan Stanley Expansion Capital," Gleb Davidyuk, managing partner and co-founder of iTech Capital, said in a written statement. "They will help Ruslan and his team move forward in today's challenging times."
Fazlyev spun Ecwid off of Russia-based X-Cart, a downloadable shopping cart platform he started in 2001 that was acquired by Seller Labs in 2019.