Elastic Path has raised an $8 million debt round to fuel the development of its “commerce everywhere,” API — a hypermedia platform that abstracts backend complexity for the front-end developer and business person. Wellington Financial out of Toronto provided the financing.
Elastic Path has traditionally served as an e-commerce company. But over the past few years, it has focused on building an API platform that extends the capability for businesses to take commerce beyond a website.
Vice President of Marketing Matt Dione said the company will use the funding to invest in its API platform.
In particular, Elastic Path will invest in its Cortex API, a touch point broker that is designed to embed e-commerce capabilities where the experience takes place. That might be a website, a mobile platform, or through a car. The API brokers the capabilities on the backend.
The company will also use the investment to integrate with content management companies such as OpenText, with which it announced a partnership this past week.
Elastic Path is betting its future on the concept of the API Economy — this idea that the world is connecting deeper through APIs, which is in turn creating a new form of commerce that is built on a deep distribution network.