Shopify News

You will find below all the latest Shopify news featuring product updates, company acquisitions, financial information, key appointments, sponsorships, outages and anything else that may be of interest about Shopify.

Company History

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Shopify History

  • 2004 - The founders behind Shopify never intended to build an online e-commerce platform. The original plan for their enterprise was an online store called "Snowdevil" that sold snowboarding equipment.

    Unsatisfied with the e-commerce solutions on the market, one of the founders, Tobias Lütke, who was a developer by trade, decided to build his own, using Ruby on Rails, launching after just two months of development.

    The first iteration of the new e-commerce platform was called Jaded Pixel.
  • 2006 - The Shopify platform was officially launched by Tobias Lütke, Daniel Weinand, and Scott Lake.
  • 2007 - Shopping cart functionality launched.
  • 2009 - In just 2 years since the shopping cart functionality was launched, retailers make a combined sales of $100 million.

    Annual Build-a-Business contest started.
  • 2010 - Shopify raises its first round of financing worth $7 million from Bessemer Venture Partners, FirstMark Capital and Felicis Ventures. Alex Ferrara, a Bessemer partner, joined Shopify’s board.
  • 2011 -  In a Series B round of financing, they raise another $15 million from Bessemer Venture Partners, FirstMark Capital, Felicis Ventures, and Georgian Partners.

    Shopify now powers 15,000 active stores across 80 countries.
  • 2012 - Profit Magazine named Shopify named “Canada’s Smartest Company” by Profit Magazine.

    By the end of 2012 Shopify had 150 employees, hosted 40,000 online stores across 90 countries which had a total revenue of $740 million.

    Shopify was a finalist for Startup of the Year in the Canadian Startup Awards. Founder Lütke was a finalist for Entrepreneur of the Year.
  • 2013 -  In the summer, Shopify acquired Jet Cooper,a design and user experience agency based in Toronto, “to rapidly expand operations in Toronto, while strengthening design and UX capabilities.”

    In December, Shopify raised $100 million in Series C round financing. Investors included Bessemer Venture Partners, FirstMark Capital, Felicis Ventures, and Georgian Partners, and as joined by Omers Ventures and New York’s Insight Ventures Partners. The funding was used to transition Shopify from an e-commerce platform to a commerce platform.

    Shopify now has more than 80,000 customers whose sales exceed $1.6 billion.
  • 2014 -  IPO rumours start circulating. Shopify’s market value, by year’s end, is an estimated $1 billion.

    It hosts 100,000 stores and has 500 employees.
  • 2015 - Crowned Employer of the Year in the 2014 Canadian Startup Awards.

    It now hosts 140,000 stores, $3.7 billion in sales, and with significant progress being made with mobile commerce. It was soon after named one of Canada’s most innovative companies.

    The company went public in May, raising $131 million in its Initial Public offering, valuing Shopify at $1.3 billion.

    Shopify generated $45 million during its first quarter as a public company, with a total yearly revenue of $205.2 million. A 95% increase year on year.

Sources:

TechvibesWikipediaThe Globe and MailShopify 2015 Financial Results PR

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