After closing on $15.7 million in Series A funding last summer, Logik.io continues to fill its coffers.
The Chicago tech startup that helps companies with their e-commerce sales announced a Series B close of $25 million on Tuesday. The company's Series A round was one of the largest fundraising rounds for a Chicago startup in the second quarter last year.
"We still have all of our Series A money but we had a lot of demand," Logik.io co-founder and CEO Christopher Shutts told Chicago Inno. "They say you don't want to raise money when you need it. You want to raise it when you don't need it. And so it was a good time to pull the trigger."
Shutts said the additional funding will help Logik.io to build ancillary products for its artificial intelligence-powered tech platform — which combines product configuration, discovery and recommendations with a centralized transaction management hub to help make selling products and services online easier.
The Chicago software startup has seen triple-digit revenue growth year-over-year, according to Shutts, which contributed to increased investor interest in the company.
Emergence Capital led the funding round, as it did the Series A, with participation from the rest of its Series A investors including High Alpha, ServiceNow Ventures, Salesforce Ventures and GoBig. In addition, Permanent Capital joined the Series B round as a new investor.
Shutts said the decision to raise new funding was a combination of the good valuation of the company and the new opportunities he wants to go after.
The new funding comes after the company recently moved to its new suburban home in Deerfield in a significant expansion from its previous office in Highland Park.
The company is also expanding its footprint beyond North America with a new office in India.
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