NEW YORK, NY--(Marketwire - September 27, 2010) - Ixtens, a Software-as-a-Service provider that powers marketplaces for online retailers and media companies, announced today that it has received Series A financing in the amount of $4.6 million. Greycroft Partners and BV Capital led the financing round, with participation from Marvin Traub Associates, a prominent retail consulting firm.
Founded in 2004 as an ecommerce solutions provider, Ixtens has transformed its business to become the leading name in ecommerce marketplace solutions. Ixtens powers marketplaces for online retailers and media companies, and helps drop-shippers, suppliers and merchants work in multichannel ecommerce. Ixtens provides a SaaS platform that helps merchants evolve their businesses across multiple sales channels, providing new revenue opportunities for direct sales as well as syndicated channel partnerships. Ixtens enables merchants to sell their products anywhere by syndicating goods to multiple marketplaces with detailed business logic. Ixtens also provides the necessary infrastructure for a merchant to turn any online store into a marketplace, selling integrated third-party inventory from any supplier.
"The biggest constraint for online retailers is inventory financing. We built Ixtens to solve this problem," said Eugene Nikiforov, Ixtens Co-Founder and Chief Product Officer. "We've been at the forefront of ecommerce for years and have accumulated tremendous expertise in the sector. Our marketplace solution allows retailers to take their online sales capabilities to an entirely new level. And it provides a totally new way for online media companies to monetize their user base, by offering them their own branded Ixtens-powered marketplace."
Ian Sigalow of Greycroft Partners and Thomas Geiselmann of BV Capital have joined the company's Board of Directors. "Ixtens technology is a revolution in ecommerce. For the first time, an online retailer can integrate all elements of their website and supply chain, driving transactions without ever touching physical inventory," said Ian Sigalow, Partner at Greycroft. "By enabling online merchants to carry third-party inventory with real time availability, Ixtens can significantly increase revenues without an accompanying increase in operating costs or working capital," added Thomas Geiselmann, Partner at BV Capital.
About Ixtens
Based in New York City, Ixtens powers marketplaces for online retailers and media companies, and helps drop-shippers, suppliers and merchants work in multichannel ecommerce. Ixtens provides a SaaS platform that enables merchants to sell anywhere by syndicating their products out to multiple marketplaces. Ixtens solutions also enable merchants to sell third-party inventory by powering their own marketplaces. For more information, contact PR@usa.ixtens.com or visit www.ixtens.com.
About Greycroft Partners
Greycroft Partners, based in New York City, is a venture capital partnership formed to invest in promising digital media companies. Greycroft leverages an extensive network of media and technology connections to help investees gain visibility, build strategic relationships, and successfully bring their products to market. Greycroft's portfolio companies benefit from active, hands-on assistance in all phases of expansion. For more information, visit www.greycroftpartners.com.
About BV Capital
BV Capital is an international Internet-focused early stage venture capital firm. Backing Internet entrepreneurs, BV frequently is the first institutional investor in companies creating highly scalable services and significant value propositions for their users. The firm currently invests out of its Fund III that was raised in 2009 and also operates eVenture Fund I, a dedicated European entity that covers investments throughout the whole of Europe, including the emerging markets Russia and the Ukraine. For more information, visit www.bvcapital.com.
RELATED LINKS
http://www.greycroftpartners.com
http://www.bvcapital.com
http://www.ixtens.com
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