Introduction
Shopify is a popular e-commerce platform that enables merchants to create online stores and sell their products to customers worldwide. Since its launch in 2004, the platform has grown significantly, with over 1.7 million businesses in more than 175 countries using it to power their online stores.
In this article, we will uncover the ownership of Shopify and take a closer look at the people behind the leading e-commerce platform. The Founders of Shopify Shopify was founded in 2004 by Tobias Lütke, Daniel Weinand, and Scott Lake. The three entrepreneurs met while working on an online snowboard store called Snowdevil and decided to build their own e-commerce platform after struggling to find one that met their needs.
Lütke, who is originally from Germany, is the CEO of Shopify and oversees the company's day-to-day operations. Weinand, who is from Canada, is the Chief Cultural Officer, while Lake, who is also Canadian, is a member of the Board of Directors.
The Investors of Shopify
Shopify has received significant investments from various venture capitalists and private equity firms over the years. In 2010, the company raised $7 million in a series A funding round led by Bessemer Venture Partners. In 2013, Shopify raised $100 million in a series C funding round led by OMERS Ventures, Insight Venture Partners, and Bessemer Venture Partners. In 2015, the company went public and raised $131 million in its initial public offering (IPO) on the New York Stock Exchange (NYSE). Since then, the company has raised additional funds through secondary offerings.
The Current Ownership of Shopify
As of 2021, the largest shareholders of Shopify are its co-founders Tobias Lütke, Daniel Weinand, and Scott Lake, who collectively own approximately 6.7% of the company's shares. The largest institutional shareholder is Fidelity Management & Research Company LLC, which owns approximately 7.5% of the company's shares. Other major institutional shareholders include Vanguard Group Inc., BlackRock Inc., and Morgan Stanley.
The Board of Directors of Shopify
Shopify's Board of Directors is composed of nine members, including the three co-founders.
The other members of the board are:
Gail Goodman is the previous CEO, of Constant Contact
Amy Shapero, CFO of Digital Ocean
Mark Reilly, former CFO of Proofpoint
Steven Collins, founder, and CEO of MATRIXX Software
Jeremy Levine, partner at Bessemer Venture Partners
John Phillips, former CFO of PepsiCo
The Future of Shopify
Shopify's continued success has made its co-founders billionaires and has transformed the e-commerce industry. The company's revenue has grown from $105 million in 2014 to over $2.9 billion in 2020, and its market capitalization has surpassed $140 billion. With the ongoing growth of e-commerce and the increasing demand for online shopping, Shopify is well-positioned to continue its upward trajectory.
FAQ
Is Shopify publicly traded?
Answer: Yes, Shopify went public in 2015 and is traded on the New York Stock Exchange (NYSE) under the ticker symbol SHOP.
Who are the co-founders of Shopify?
Answer: The co-founders of Shopify are Tobias Lütke, Daniel Weinand, and Scott Lake.
How many businesses use Shopify?
Answer: As of 2021, over 1.7 million businesses in more than 175 countries use Shopify to power their online stores.
Does Shopify have any subsidiaries?
Answer: Yes, Shopify has several subsidiaries, including Shopify Payments, Shopify Capital, and Shopify Fulfillment Network.
Are there any controversies surrounding the ownership of Shopify?
Answer: No, there are no major controversies surrounding the ownership of Shopify. The company's co-founders and institutional shareholders are publicly disclosed.
Can individuals invest in Shopify?
Answer: Yes, individuals can invest in Shopify by purchasing shares on the New York Stock Exchange or through a brokerage account.
Are there any plans for Shopify to be acquired by another company?
Answer: There have been no official announcements regarding any plans for Shopify to be acquired by another company. However, as a publicly traded company, Shopify could potentially be subject to acquisition by a larger company in the future.