Open Source Magento Lands $22.5 Million Cash Injection

Tuesday Mar 16th 2010 by Developer.com Staff
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Open source commerce company wants to be the largest e-commerce platform the world has ever seen.

TechCrunch's Robin Wauters reported that according to a regulatory filing, open source Magento Commerce has been given a $22.5 million cash injection.

Wauters said that it's unclear where the new money came from, but Magento said it's "fresh" cash.

According Wauters' interview with Magento Senior Product Manager Tim Schulz, "they're positioning the Magento Commerce solution right in the center of various growth areas in electronic commerce and that its goal is to become the provider of the single largest e-commerce platform in the world."

Magento now has about 60,000 merchants using its software and they've registered $15 billion in transactions, Wauters said.

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