Austin-based e-commerce platform BigCommerce is planning to go public in a milestone event for one of the city's fastest-growing tech companies.
In paperwork filed with the SEC Monday, the company noted its revenues climbed from $91.9 million in 2018 to $112.1 million in 2019. It set $100 million as its targeted raise from the offering -- although that's likely a placeholder for another figure to be revealed later in the process.
It plans to trade on the Nasdaq Global Market under the ticker symbol “BIGC.”
While we wait on financial figures of the IPO, the filing revealed a few details of the company's recent past.
BigCommerce now has about 60,000 online stores across industries in roughly 120 countries, including several household names, such as Ben & Jerry’s, Burrow, SC Johnson, SkullCandy and Sony.
It hit an annual revenue run rate of $102.2 million in 2018, which grew to $137.1 million as of the end of March this year.
And the company noted that consumers' shift to online shopping during the Covid-19 pandemic has put wind in its sail.
"Our business has benefited from this shift, both in accelerated sales growth for our existing customers’ stores, and in our sales of new store subscriptions to customers," it said.
BigCommerce launched in Sydney in 2009, shifting its headquarters to Austin in 2011 and beyond. Currently, about 75% of its 690-person team is based in Austin. The company's biggest venture backers include General Catalyst, Revolution Growth and Softbank. It has also landed private equity funding from GGV Capital and Goldman Sachs.
Altogether, the company has raised $219 million, according to Crunchbase. A story in Bloomberg in June suggested the company is likely valued at around $1 billion.
BigCommerce noted it closed its Austin offices, along with those in San Francisco, Sydney and London in March due to the pandemic. But it said it began reopening its Austin offices in June.
"We believe that we are well equipped to support full or partial remote work, without major service disruption, should this again be required in the future," the filing said.
