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.
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.
It last raised $64 million in its Series F round led by Goldman Sachs, according to Crunchbase data.
Illustration: Li-Anne Dias