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16 March 2010, 15:31

Magento receives $22.5 Million for e-commerce software

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Magento Logo Open source e-commerce software specialist Magento has announced that it has secured its first major investment. According to the company, the injection of $22.5 million will be used to help grow Magento and increase global adoption. However, the terms of the deal, including the name of the the investor, were not disclosed.

Magento says that, to date, its software has been downloaded more than 1.5 million times and that it is being actively used by over 60,000 online merchants. Magento also took 2008's best new project in the SourceForge Awards.

Earlier this month, Magento also announced that it had signed a collaboration deal with PayPal. The primary goal of the partnership is to better integrate PayPal's services into Magento's e-commerce platform.

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