Ecwid, a San Diego, CA-based e-commerce solutions company, raised $42m in funding.
Backers included Morgan Stanley and PeakSpan Capital. In conjunction with this round Runa Capital, iTech (Latvia) and IT-park business incubator (Kazan) exited the company. In conjunction with the funding, PeakSpan Capital Co-Founder and Managing Partner Phil Dur, and Pete Chung, Managing Director and Head of Morgan Stanley Expansion Capital, are both joining the Ecwid board.
Ecwid intends to use the funds for both expansion of its platform organically and acquisitions.
Founded in Russia as a spinout of X-Cart by CEO Ruslan Fazylev, Ecwid offers e-commerce solutions directly and via third parties like Square and Wix, enabling businesses to build e-commerce experiences on their own websites and apps, as well as via Facebook, Instagram, Amazon, Google, etc.