E-Commerce marketing co. ChannelAdvisor raises cash, trims staff

Venture Beat — Fri, 05 Sep 2008 14:03:21 -0700

ChannelAdvisor, a company that lets online retailers manage product marketing across marketplaces such as eBay, Amazon.com, Overstock.com and a series of shopping comparison sites, has raised an additional $20 million, VentureWire reports. The company has also laid off 70 of the company’s 350 employees — including four vice presidents.

According to CEO Scott Wingo in the article, ChannelAdvisor’s revenue has grown more than 55 percent and has more than 5,500 customers including Wal-Mart Stores Inc. and Motorola Inc.

The North Carolina-based company raised $30 million from NEA and previous investors, last May. Total funding is now $88 million. Additional investors include Kodiak Venture Partners, Advanced Technology Ventures, Southern Capitol Ventures and eBay.

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E-Commerce marketing co. ChannelAdvisor raises cash, trims staff