Hiring spree ahead: Austin-based Volusion raises $55M

Jan 29, 2015
Austin Business Journal

Software maker Volusion LLC announced that it has completed a $55 million Series A round of equity financing and plans to hire up to 150 more workers this year

Volusion, founded in 1999, develops shopping cart software for online stores. The company employs 500 workers

The Austin-based company disclosed Thursday that Houston-based Main Street Capital Corp. was the lead investor. As part of the deal, Main Street Chief Operating Officer and Senior Managing Director Dwayne Hyzak joined Volusion's board of directors, according to a company news release

Previous funding rounds have been debt financings. It plans to use the capital to improve its software, hire more workers and expand its headquarters by an additional 15,000 square feet, CEO Clay Olivier said

In January 2014, completed a $35 million debt financing from Silicon Valley Bank to speed up improvement of its software platform and fund the hiring of additional workers

In September 2014, Olivier said Volusion was expanding its business model from small- and mid-sized businesses to the enterprise market with a software called Mozu. He declined to disclose when the company is projecting to reach profitability

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