Laravel, the popular open-source ecommerce platform, has raised $1.6bn to accelerate the growth of its business, including by adding more than 400 developers.
The ecommerce software, which is built on top of the popular PHP framework Laravel 4, has been in beta for some time and has a loyal following.
The startup said it had raised a $1bn round from investors including eBay, Intel, Amazon and Yahoo, and that the investment would help the company expand the reach of its services across more countries.
“We are seeing exponential growth in both the number of merchants and customers in India, and we believe that the future is here,” said Laravel CEO Sam Altman.
“The demand for ecommerce has grown rapidly in the past two years, so this is a good time for us to add more developers to the team.”
Laravel has already added hundreds of new developers, but Altman said the company is now expanding into the US and other countries.
It also announced a partnership with Alibaba, the ecommerce company that dominates the Chinese market, and plans to launch a new ecommerce app in 2018.
The acquisition by Alibaba follows the recent acquisitions of a number of ecommerce startups, including ecommerce powerhouse Shopify and logistics firm Zomato.
In a blog post on Monday, Altman noted that ecommerce accounted for just 5 per cent of its $11.4bn in revenue in 2016, and had fallen to 4.5 per cent this year.
Altsman added that the team at Laravel will continue to focus on improving the platform and the developer community.
“Laraactre is built to be used by developers, not just customers,” he said.
“In order to do this, we need to improve our API, better integrate it with other tools, and provide a better way to track sales across different categories.”
With this new round, we’re excited to continue our momentum with this exciting new business.