Written by Jennifer Clark.
Outputs below:COVID is a huge tailwind behind the ecommerce market in general, and BigCommerce is seeing positive operational impacts and called out a few stats in their S-1. Moreover, "DNBs" grew much faster than rate than non-DMBs; 29.5% vs 17.6% for non-DNBs.

As you can see, they are moving up-market and increasing their average customer size (up 60% over the past 9 quarters).Special thanks to my partner Anthony DeCamillo for the help on this post.BigCommerce also released the below ARR mix, which shows a greater percentage of ARR being generated from their larger accounts over the past 9 quarters.BigCommerce offers a complete SaaS solution for businesses of all sizes to create digital storefronts and shopping experiences across B2B and B2C segments and enables their customers to sell across multiple sales channels, such as online storefronts, marketplaces, search engines, POS systems, and social networks. We intend to use the remainder of the net proceeds from this offering for working capital and general corporate purposes, including sales and marketing, research and development, general and administrative matters, and capital expenditures.Sales and marketing expenses as a percentage of total revenue have been uneven as revenues have increased; the firm’s sales and marketing efficiency ratio has improved.Major competitive or other industry participants include:Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 10.4%.The company provides property and casualty (P&C) insurance firms with a range of SaaS software solutions.The business offers consumer lifecycle management services and related solutions for the enterprise.The firm has a robust partner program for both Agency partners and Technology partners.The firm is advancing a pipeline of treatments for Parkinson's Disease and other neurodegenerative disorders.The company sells pasture-raised egg products and butter to consumers in the U.S.Also, firms that utilize APIs (Application Programming Interface) enable companies to employ low code solutions to quickly modernize their existing systems.The market opportunity for providing a SaaS e-commerce solution is large and likely to grow at a significant rate in the coming years, so the company enjoys a robust industry growth dynamic.Sales and marketing expenses as a percentage of total revenue have been uneven as revenues have increased; the firm\u2019s sales and marketing efficiency ratio has improved.The Sales & Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales & Marketing spend, rose to 0.5x in the most recent reporting period.BIGC has sold its software to 60,000 online stores in more than 110 countries worldwide.This represents a forecast very strong CAGR (Compound Annual Growth Rate) of 16.3% from 2020 to 2027.The firm\u2019s financials indicate it is growing topline revenue at an accelerating rate; gross profit and gross margin have increased, although operating profit has been highly variable.Assuming a successful IPO at the midpoint of the proposed price range, the company’s enterprise value at IPO would approximate $1.5 billion.That growth potential will no doubt be assisted further by the Covid19 pandemic and its effects on businesses seeking to produce more of their revenue from digital sources.Sales & Marketing expenses as a percentage of total revenue have been uneven as revenues have increased. The company is based in Austin, TX, and has 690 full-time-employees (FTEs).

Both were founded within a year of each other and were at similar scale at their IPO (BigCommerce is 97% of the size of Shopify on an LTM revenue-basis at IPO quarter). As a result of the anticipated payment of the Series F Dividend, holders of our Series F preferred stock are expected to receive approximately $16.4 million of the net proceeds of this offering, including entities affiliated with General Catalyst Group and Lawrence Bohn, a member of our board of directors, and entities affiliated with GGV Capital and Jeff Richards, a member of our board of directors, which are expected to receive approximately $0.1 million and $0.3 million, respectively. Non-GAAP gross margins were almost 80% last quarter and non-GAAP operating losses are shrinking and were at …
One publication commenting on the news described BigCommerce as an “American Shopify”. The company was originally focused on SMBs but in 2015 made a strategic decision to serve larger customers. According to Pitchbook, BigCommerce has raised $228.5M from investors including GGV, Revolution Growth, General Catalyst, Softbank, Tenaya, Floodgate, Summit, and others. Total revenue growth accelerated to 30% YoY last quarter as COVID has been a tailwind for the company. BigCommerce's mission is to "power global ecommerce success by delivering the industry’s best and most versatile multi-tenant SaaS platform." As of June 1, 2020, BigCommerce had ~60,000 online stores across 120 countries. Moreover, brands are increasingly focused on selling direct to consumers and need the tools to do so. BigCommerce was founded in Australia in 2003 as Interspire and in 2013 changed their name to BigCommerce.

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