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

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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.

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“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.

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Roberto Torres

Roberto Torres became Technical.ly Lead Philly Reporter in May 2016. Prior, he was a freelance contributor to Technical.ly and Al Dia News. The native Venezuelan moved to Philadelphia in 2015 after reporting on research at his alma mater, the University of Zulia. Whenever he's not fencing deadlines, he can be found standing in line at Overbrook Pizza in West Philly, running Netflix/Hulu marathons with his wife or reading news from Venezuela.

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