VC fundraising for e-commerce software companies
E-commerce software VC has been through a sharp cycle alongside the broader e-commerce reset. Capital has concentrated in operators with strong payments attach, real merchant cohort durability and credible enterprise traction. Fintech-leaning investors do an outsized share of the deals because of the payments and merchant services angle.
Investors are commerce and fintech-leaning growth funds, payments-fluent generalists, and corporate venture arms attached to the major commerce platforms and payments groups - Stripe, Shopify and PayPal each have ventures arms active in commerce infrastructure. Flow has direct relationships across the commerce-focused funds and the commerce and payments CVCs that back the category.
Flow has experience running VC fundraising processes for e-commerce software companies across commerce platforms and storefront builders, headless and composable infrastructure, payments and checkout, post-purchase and logistics, and merchant financial services. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"E-commerce software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Subscription ARR
GMV
Payments revenue
Payments penetration
Merchant count
Net merchant retention
ARPU per merchant
App / ancillary revenue
Software gross margin
CAC payback
E-commerce software valuations in May 2026
Public e-commerce software comps trade at 1.3x EV/Revenue. Median revenue multiple across e-commerce software VC rounds was 28x in the last 12 months.
1.3x
Median EV/Revenue as of May 2026 for public e-commerce software companies
11x
ShopifyShopify is the highest valued public e-commerce software company based on EV/Revenue (excluding outliers)
2.4x
Median EV/Revenue across e-commerce software M&A deals in the last 12 months
28x
Median EV/Revenue across e-commerce software VC rounds in the last 12 months
Key recent e-commerce software VC rounds
$180M Undisclosed stage raised by Cart.com was the largest e-commerce software VC round completed in the last six months.
See all e-commerce software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Mar-26 | Cart.com |  | Cart.com is an Austin-headquartered provider of end-to-end commerce and logistics solutions unifying operations for B2C and B2B brands across sales channels. The platform supports multichannel fulfillment through a nationwide network of warehouses, AI-powered optimization, and data science teams serving thousands of mid-market and enterprise customers spanning consumer goods and industrial sectors. | Arsenal Growth EquityMercury+3 | $180M | - | Undisclosed stage | |
Apr-26 | Wingify |  | - | Amit ManochaKedar Mankekar+4 | $149M | - | Undisclosed stage | |
Jan-26 | Swap |  | Swap is a returns management platform for e-commerce retailers headquartered in New York. It streamlines exchanges, refunds, and resale of returned merchandise via automated workflows and resale marketplaces. The software integrates with Shopify and other platforms, reducing logistics costs and recovering value from 30 percent of typical returns volume for brands like Everlane and Tentree. | DST GlobalICONIQ Capital | $100M | - | Series C | |
Jan-26 | Factify |  | Factify is a document automation company headquartered in Tel Aviv, transforming static files into interactive, data-verified platforms. The tool enables real-time updates, collaboration, and compliance checks for contracts and reports. Founded in 2023, Factify integrates with Google Workspace and Microsoft 365, targeting legal and finance teams worldwide. | James PerryJohn Giannandrea+5 | $63M | $300M | Seed | |
May-26 | Zyg | | Zyg develops a software platform for entrepreneurs and DTC brands to launch and scale e-commerce products. The operating system merges data infrastructure, predictive analytics, and AI agents to gauge product demand, run digital marketing, and oversee customer acquisition and retention. Functions such as online store setup, brand production, ad execution, search optimization, and lifecycle marketing run in one environment. | AccelBessemer Venture Partners+10 | $60M | $500M | Series A | |
Mar-26 | Zyg | | Zyg develops a software platform for entrepreneurs and DTC brands to launch and scale e-commerce products. The operating system merges data infrastructure, predictive analytics, and AI agents to gauge product demand, run digital marketing, and oversee customer acquisition and retention. Functions such as online store setup, brand production, ad execution, search optimization, and lifecycle marketing run in one environment. | Access IndustriesBessemer Venture Partners+6 | $58M | - | Seed | |
Dec-25 | Radial | | Radial delivers omnichannel commerce operations from its King of Prussia, Pennsylvania headquarters. The company handles order management, fulfillment, fraud detection, payments, tax compliance, and customer care for retailers. Radial supports store fulfillment and transportation for brands including QVC and Verizon. Acquired by bpost in 2017, it connects supply chains across North America. | BoxGroupDiede van Lamoen+5 | $50M | - | Series A | |
Dec-25 | Rewaa |  | Rewaa is a Dubai-headquartered e-commerce enabler for retailers that automates online listings from physical stores via its Cashier System. The solution integrates inventory across in-store, online shops, and marketplaces, using physical locations as fulfillment centers to minimize staffing needs and update stock levels automatically. Merchants reduce operational costs while expanding digital sales channels seamlessly. | Abdulrahman Sulaiman Alrajhi & sons Co.Idrisi Ventures+7 | $45M | - | Series B | |
Jan-26 | SCI Ecommerce |  | SCI Ecommerce is a provider of digital commerce software platforms tailored for vertical markets, enabling operational efficiency and multicultural e-commerce execution. Headquartered in Vancouver, Canada, the company delivers solutions for robust growth, including data-driven marketing campaigns, custom online storefronts, and content production services. SCI Ecommerce supports global brands with user-specific targeting and high-quality multimedia aligned to business branding objectives. | Asia Partners Fund ManagementEDBI+2 | $32M | - | Undisclosed stage | |
May-26 | Nectar Social | | Nectar Social is an agentic social commerce technology converting organic channels into revenue streams. The platform uses AI intelligence and analytics for proactive audience engagement, insight generation, and conversion optimization. Nectar Social boosts trust and growth for brands on Instagram, TikTok, and Twitter. | Anthology FundGV+3 | $30M | - | Series A | |
Apr-26 | Nas.com | | Nas.com offers an AI platform that launches and markets online stores from a single photo. It generates listings, storefronts, ads, and content automatically, serving 350,000 sellers across 150+ countries. | 500 GlobalKhosla Ventures+5 | $27M | - | Series A | |
Apr-26 | Neato | | Neato is an integrated strategic e-commerce partner for retail brands. | Advantage Capital | $25M | - | Series A | |
May-26 | Webidoo |  | Webidoo is a Milan-headquartered digital marketing platform for small and medium businesses in Italy. Services cover website development, e-commerce setup, Google Ads, social media management, GDPR compliance, and cloud hosting on AWS. Clients include restaurants, law firms, and electricians across Lombardy and Veneto. Founded in 2014, Webidoo manages 10,000+ projects annually through a single-vendor model. | 8a+ Investments SGRAzimut Libera Impresa+1 | $25M | - | Undisclosed stage | |
Apr-26 | Collov | | Collov is a SaaS platform specializing in AI-powered virtual interior design and furniture visualization. Users upload room photos to receive instant redesigns with shoppable 3D models from brands like IKEA and Wayfair. The New York-headquartered company integrates spatial intelligence for accurate furniture placement in real environments. Collov serves real estate agents, interior designers, and homeowners across North America and Europe. Its technology supports virtual staging for property listings and e-commerce integrations. Founded in 2022, Collov partners with major retailers to drive conversions through immersive shopping experiences. | Brightway Future CapitalMatrix Partners China+2 | $23M | - | Series A | |
Feb-26 | Wishlink | | Wishlink is a digital product discovery platform fostering brand collaborations through storefronts. Content creators from Instagram and TikTok monetize influence by promoting curated selections from fashion, beauty, and lifestyle labels. Retailers gain exposure via affiliate links and performance analytics. | Elevation CapitalFundamentum+1 | $18M | - | Series B |
VC investors active in e-commerce software
Y Combinator is the most active VC investor across e-commerce software, having invested in 31 startups in the last three years.
See all e-commerce software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | ZeroSettleReturn SignalsChannel3+2 | 31 | Pre-seed | |
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | Imaginify AppMegaWebIntelligems+2 | 26 | Pre-seed | |
Antler | | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | Alchemyst AIStationZeroConversion+2 | 21 | Pre-seed | |
Right Side Capital Management | | Right Side Capital Management is a quantitative pre-VC investment firm targeting capital-efficient tech startups. Operating from the US, it focuses on seed rounds under $500K in sectors like SaaS and fintech. Since 2012, the firm has built diversified portfolios using data-driven processes. Managing directors, experienced founders from the 1990s tech era, provide operational support structured like a startup funding others. | EvitarReturnsIQMiddle Mile+2 | 11 | Pre-seed | |
FJ Labs | | FJ Labs is a New York-headquartered venture capital firm backing seed and Series A marketplaces and consumer internet companies. Its portfolio spans global leaders like Alibaba, Despegar, and Zola, with investments deployed across North America, Latin America, and Europe. | CataJuoJUST+2 | 7 | Seed | |
Accel | | Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups. | ZygFramerBilly+2 | 6 | Series A | |
Pioneer Fund | | Pioneer Fund is a San Francisco-based venture capital firm that invests exclusively in Y Combinator batches. The fund deploys capital into early-stage startups from accelerator programs, with portfolio companies including DoorDash, Airbnb, and Stripe alumni. It manages over $100 million across multiple funds focused on software, fintech, and consumer tech sectors. | AutumnChannel3Suger+2 | 5 | Pre-seed | |
Finberg |  | Finberg is an Istanbul-based corporate venture capital arm of Fibabanka, established in 2018. It invests in early-stage fintech startups across Turkey and the MENA region, backing companies like Param which provides payment solutions. | ReplenitMindsiteikas | 5 | Seed | |
Plug and Play | | Plug and Play is a Sunnyvale-headquartered venture builder founded in 2006 that operates accelerator programs in 40 industries including fintech, insurtech, and mobility across 50 global offices. It connects over 3,000 startups annually with partners like Google, Visa, and Mercedes-Benz through demo days and corporate innovation challenges. The platform invests in seed and Series A rounds while providing co-working spaces in hubs from Silicon Valley to Singapore. | PileaClaroEalyx+2 | 5 | Pre-seed | |
Salesforce Ventures | | Salesforce Ventures is a corporate venture capital arm of Salesforce, investing in enterprise cloud companies across the technology ecosystem. Salesforce Ventures backs startups building on or adjacent to the Salesforce platform, spanning CRM, artificial intelligence, analytics, and integration software. The firm maintains one of the largest portfolios among corporate venture units, having backed hundreds of companies including numerous unicorns. Investment stages range from seed through growth equity, with focus on companies enhancing the broader Salesforce ecosystem. | FLUXLogik.ioRecustomer+2 | 5 | Series B |
Founders and investors we've worked with
We've supported winning builders across e-commerce software and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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