San Francisco-based sticky.io, which provides an eCommerce platform, has closed a $90 million transaction with Goldman Sachs Asset Management’s private credit business. The eCommerce company said in an emailed press release that it would use the cash to build more functionality into its platform and to build up its business. Goldman Sachs Asset Management is the company’s primary investment arm.
“Our relationship with Goldman Sachs is a reflection of our evolution in a dynamic industry segment,” said Brian Bogosian, president and CEO of sticky.io. “This capital positions the company to continue our rapid growth trajectory for another record year in 2021 and beyond.”
“Our team is very excited to partner with sticky.io as we see continued opportunities for growth and expanded platform functionality,” said Terence Doherty, managing director of Goldman’s Private Credit business. “We were very impressed by Brian and the entire team at sticky.io, and look forward to working with them on their objectives.”
Over the past 10 years, sticky.io said it has enabled thousands of businesses to manage their backend operations on a “unified eCommerce platform.” Its system handles areas such as subscription management and recurring billing.
The pandemic has helped to fuel the growth of subscriptions. According to PYMNTS’ latest Subscription Commerce Index, an average of 34 percent of these “subscription-curious” consumers have added at least one new subscription to their shopping habits during the COVID-19 crisis.
In a recent interview, Lyn Tran, sticky.io’s chief product officer, told PYMNTS that consumers are shopping more online for subscription offers and services. This leads to direct relationships with manufacturers 62 percent of the time, the survey said. Tran said the consumer wants access to unique products, and perhaps a shot at alleviating some of the boredom that came with over a year of COVID-related restrictions.