February 24, 2021
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Open Source Magento Lands $22.5 Million Cash Injection

  • By Developer.com Staff

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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This article was originally published on March 16, 2010

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