E-commerce company FiftyOne Inc. has raised $10.1 million from current investors Pitango Venture Capital, Adam Street Partners, OnLine Venture, Venture Strategy, and first-time investor Vintage Investment Partners, according to a filing with the US Securities and Exchange Commission (SEC). According to IVC, the company has raised $37.6 million to date.
FiftyOne was founded by serial entrepreneur Yuval Tal as an online foreign exchange company, E4X, in 1999, before switching to its current name and business in 2007. It is headquartered in New York City and has a R&D and back office center in Tel Aviv.
FiftyOne provides a package of payments and logistics products for US retailers to facilitate global online sales. Services include payments processing, cost calculations, fraud prevention, shipments, and a global returns management center. The company helps US retailers sell products in 105 countries and 40 currencies. Its software is installed on the retailers' websites.
Blog "Pando Daily says that Fiftyone's earned $40 million on $140 million in gross merchandise sales in 2011, and that it expects sales to reach $200 million this year. Customers include Charming Shoppes, Gilt, Sears, Under Armour, Williams Sonoma, Macy’s, J. Crew, and CB2.
FiftyOne acquired Canadian online logistics company Borderfree earlier this year and set up offices in Toronto.
Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2012
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