BigCommerce Files for IPO

Austin-based e-commerce company BigCommerce is aiming to raise up to $100 million through an IPO, according to new documents filed with the U.S. Securities and Exchange Commission.

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BigCommerce helps companies build and grow their e-commerce operations. Businesses can use the platform for functions like catalog management, checkout, order management and store design. BigCommerce said in its S-1 document that as of June 1, 2020, it served about 60,000 online stores across 120 countries. It counts Ben & Jerry’s, SC Johnson and Sony among its customers.

The company has filed to list on the Nasdaq under the ticker “BIGC.” Morgan Stanley, Barclays, and Jefferies are among the company’s underwriters for the IPO.

While the company is based in Austin, it also has major offices in San Francisco, Sydney and London.

BigCommerce, like most venture-backed startups that go public nowadays, isn’t profitable. In terms of numbers, BigCommerce reported an annual recurring revenue of $137.1 million as of March 31, 2020. That’s up from $128.5 million as Dec. 31, 2019, and $102.2 million at the end of 2018.

The company reported revenue of $112 million for the year ended Dec. 31, 2019, up 22 percent from about $91.9 million in annual revenue for 2018. Its net losses increased nearly 10 percent between 2018 and 2019, going from about $38.9 million in net losses in 2018 to $42.6 million in net losses in 2019.

More recently, BigCommerce reported $33 million in revenue for the first quarter of 2020, up from $25.5 million during the same period the year prior. It recorded $4 million in losses for Q1 of 2020, down from $10.5 million in Q1 of 2019.

As a private company, BigCommerce raised at least $219 million in funding from backers including GGV Capital, General Catalyst, SoftBank, Revolution and Goldman Sachs, per Crunchbase.

It last raised $64 million in its Series F round led by Goldman Sachs, according to Crunchbase data.

Illustration: Li-Anne Dias