Sidecar just raised an $11 million Series C - Technical.ly Philly

Business

May 11, 2017 11:10 am

Sidecar just raised an $11 million Series C

“Though Philly’s tech scene is more robust than ever, there’s always chatter out there about the challenges to scaling a business anywhere outside of Silicon Valley or New York City,” wrote CEO Andre Golsorkhi. “But we’re doing it.”

At Sidecar's Center City offices.

(Photo by Roberto Torres)

In a new round of equity and debt financing, Center City ecommerce marketing company Sidecar just raised an $11 million Series C.

Led by Harbert Growth Partners —  a venture firm with offices Virginia, Alabama and Florida, Andre Golsorkhi’s company also secured support from previous investors Ascent Venture Partners and Osage Venture Partners on this round.

Per a company press release, the funding will let Sidecar continue to develop its machine-learning-enabled platform, which allows retailers to deploy marketing campaigns through online channels like Google Shopping, Bing Shopping and Facebook Ads. It also plans to grow staff by 40 percent in 2017, with the current headcount at 150 staffers out of its year-old Philly HQ at One South Broad and a U.K. beachhead.

According to the company, the hiring push will “draw heavily” from Philly’s tech talent pool. On the Market alert.

This Series C round brings Sidecar’s total financing to $26 million in under three years. Past investors include a roster of local investors like former GSI Commerce CEO Michael Rubin, Gabriel Investment’s Richard Vague and Ben Franklin Technology Partners.

Advertisement

“As Sidecar’s growth continues, I’m proud to say that it all started in Philadelphia,” CEO Golsorkhi wrote in a blog post published Thursday. “Though Philly’s tech scene is more robust than ever, there’s always chatter out there about the challenges to scaling a business anywhere outside of Silicon Valley or New York City. But we’re doing it. We’ve assembled the team, built the product, found great customers, and raised the capital needed to keep our vision alive.”

Sidecar’s growth spurt has been fueled by retailers increasing focus on ecommerce. According to a stat from The National Retail Federation, online retail will grow 8 to 12 percent this year, tripling the growth rate of retail as a whole.

Organizations: Sidecar
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Lia Diagnostics adds new investor and $2.6 million in venture capital

Backstage Capital’s accelerator sets up shop at 3675 Market

Center City’s CloudMine, $6M in debt, files for bankruptcy

SPONSORED

Philly

Find entrepreneurial ‘collaboration and collision’ at 1776 at Ambler Yards

Center City, Philadelphia

IntegriChain

Data Scientist

Apply Now
Center City, Philadelphia

IntegriChain

Director of Advisory Services, Managed Markets

Apply Now
Philadelphia, PA

Vistar Media

Project Manager

Apply Now

Funding news about Young Alfred Inc.

How a company with punk roots is competing with SaaS giants

‘Convenient’ Philly lands at No. 8 on Forbes list of top startup cities

SPONSORED

Philly

How UArts’ JavaScript certificate program helped this developer successfully change careers

Philadelphia, Pa

Inspire

Event Sales Ambassador

Apply Now
Center City

Inspire

Sales Quality & Training Manager

Apply Now
Conshohocken, Pa

ShopRunner

Lead Software Engineer

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!