IP Commerce, a software company delivering on-demand access to the next generation of commerce services, announced today it raised $17 million in Series C funding.
The round was led by Venrock, the venture capital firm founded by the Rockefeller family. Total Technology Ventures joined Venrock as a new investor in IP Commerce. The Company's existing investors, Meritage Funds, Appian Ventures and Iron Gate Capital also participated in the financing.
The latest round brings the Company's total funding to date to more than $34 million and will be used to accelerate adoption of the IP Commerce Network, particularly in the software development community and the financial services industry. Proceeds will enable IP Commerce to continue to innovate so partners can reduce friction in enabling payment convergence, acquire new customers and increase revenue.
IP Commerce, launched in 2005, enables payment convergence through free development toolkits that allow for end-to-end commerce solution development. The IP Commerce Platform enables software companies, financial service providers and channels to seamlessly partner to enroll businesses in new, value-added electronic payment solutions.
IP Commerce partners with existing payment service providers and financial institutions to provide them with a technology layer that addresses longstanding payments industry issues, such as providing workflow capabilities to efficiently sell to and activate new customers, including small and medium-sized businesses, in a manner that addresses compliance, security, cost and scale considerations.
With the closing of this financing, Michael C. Brooks, General Partner of Venrock, joined the IP Commerce Board of Directors. Brooks brings to IP Commerce an extensive background of investing in successful enterprise software and financial services companies over his 25 years in the venture capital industry.
"While there is a clear demand within the financial services world to develop innovative technology-based solutions, it is very difficult within the existing structure which is proprietary and closed," said Brooks. "IP Commerce addresses this need by introducing an open technology platform where ideas can be exchanged and commerce solutions can be built on-demand."
"We are thrilled with the addition of Venrock and Total Technology Ventures to the IP Commerce team," said Alfred "Chip" Kahn IV, IP Commerce CEO. "Their experiences in the software and financial service industries will help IP Commerce continue to address critical unmet needs in the payments industry."