According to a regulatory filing, LA-based Magento Commerce, which develops an open source e-commerce software suite, has recently received a $22.5 million capital injection in an equity funding round.

Magento was originally a product developed and marketed by Varien, a 9-year old company that also delivers e-commerce business consulting and other services, but has now effectively been incorporated as a stand-alone venture. It’s unclear whether the financing of Magento comes from Varien, or if the latter company’s existing and / or other investors have stepped in to provide funding. Either way, the company says it concerns ‘fresh’ cash. → Read More