Companies · Consumer / Retail

Shopify Inc.

Ottawa · Consumer / Retail · refined from filed group “Other Technology

Diligence memoA one-page analyst read on Shopify Inc. — recommendation, valuation, rhythm, risks.
$237.0M
Total raised · real
2
Rounds
2.4×
Latest step-up
Top 1%
Sector rank · raised
Series D+
Latest stage · inferred · Thu Oct 17 2019 00:00:00 GMT+0000 (Coordinated Universal Time)

Shopify Inc. has raised $237M over 2 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the retail sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Dormant
  • Last raise 6.7 yr ago; this sector typically re-raises about every 15 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Consumer / Retail

Shopify Inc. is one of 1161 Consumer / Retail companies tracked from Ottawa. By capital raised it ranks among the largest (ahead of 100% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
$100M+
Issuer revenue
Rule 506(b)
Reg D exemption
26
Investors (latest)
2019-10-17
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BSeries C · 2013-10-22 Raised $70M (real) Modeled valuation $407M (est)$70M$407MSeries C2013Series D+ · 2019-10-17 Raised $167M (real) Modeled valuation $978M (est)$167M$978MSeries D+2019+$167MCumulative $237M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series C$70.0M · 2013
Series D+$167.0M · 2019

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 33%.

Modeled valuation trajectory
$978.2M
Base estimate est.
$851.6M
Conservative case
$2.1B
Upside case
$1.4B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the retail sector profile. Directional, not a quoted figure.

Series C · modeled $407.4M · 2013-10-222013Series D+ · modeled $978.2M · 2019-10-172019
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
77%
Survival probability
61% low · 85% high
0.99×/yr
Annual markup
1.10×/yr upside case
6.0 yr
Elapsed time used
6.7 yr actual, capped for stale marks
retail
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
72 mo
Avg between rounds
$39.6M/yr
Capital velocity
12.7 yr
On record since
2013
First round
2
Rounds on file
How it compares to the market

Benchmarked against 1161 companies in Consumer / Retail. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 72× above median
This company$237.0M
Sector median$3.3M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.2× above median
This company$167.0M
Sector median$134.0M
Modeled value — vs sector median (estimate, all stages) 124× above median
This company$978.2M
Sector median$7.9M

Raised more than 100% of sector peers (real $). Modeled value above 100% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

This companyCohort peer
$100.0M$1.0B$10.0B$100.0M$1.0BCapital raised (log)Personalized Beauty Discovery, Inc. · Series D+ Raised $137.4M · modeled $789.6M (est)Kitu Super Brands, Inc. · Series D+ Raised $154.4M · modeled $625.4M (est)Shopify Inc. (this company) Raised $237.0M · modeled $978.2M (est)Shopify Inc.
CompanyStageRaised · realValue · estvs peer med.
Shopify Inc. this companySeries D+$237.0M$978.2M1.24×
Personalized Beauty Discovery, Inc.Series D+$137.4M$789.6M1.00×
Kitu Super Brands, Inc.Series D+$154.4M$625.4M0.79×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series C$70.0M2013-10-22$466.7M$407.4M85%
Series D+$167.0M2019-10-17$1.4B$978.2M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series C$70.0M2013-10-22
    • First recorded raise — entered as Series C.
    • 14 investors on this round.
  2. Series D+$167.0M2019-10-17
    • Raised again after 72 mo — slower than the ~15 mo sector norm.
    • Round 2.4× larger than the prior — scaling up.
    • 26 investors on this round.
Intelligence
2025 ~Q4
Modeled next raise · ~72mo cadence
$398.4M
Modeled next size est.range $258.9M$637.4M
2.4×
Last step-up
$39.6M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Jeremy Levine11 other2019-10
John Phillips4 other2019-10
Gail Goodman3 other2019-10
Craig Miller2 other2019-10
Amy Shapero1 other2019-10
Jeff Weiser1 other2019-10
John H Phillips1 other2013-10
Brittany Forsyth2019-10
Cody H Fauser2013-10
Colleen Johnston2019-10
Daniel H Weinand2013-10
Harley Finkelstein2019-10
Harley H Finkelstein2013-10
Jean-Michel Lemieux2019-10
Jeremy H Levine2013-10
Joseph Frasca2019-10
Robert Ashe2019-10
Russ H Jones2013-10
Tobias Lutke2013-10
Trevor H Oelschig2013-10
Registry & provenance

Shopify Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1594805
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Commerce Fabric, Inc.Consumer / RetailSeries D+$296.6M$839.4Msame sector · same stage
PREMIUM BRANDS HOLDINGS CorpConsumer / RetailSeries D+$156.8M$949.6Msame sector · same stage
Kitu Super Brands, Inc.Consumer / RetailSeries D+$154.4M$625.4Msame sector · same stage
North Haven Stack Topco, LLCEnvironmental ServicesSeries D+$196.0M$3.9Bnetwork1 shared operator · same stage
Personalized Beauty Discovery, Inc.Consumer / RetailSeries D+$137.4M$789.6Msame sector · same stage
Maxx For Beauty IncConsumer / RetailSeries D+$117.5M$690.1Msame sector · same stage
Transcendent Brands LLCConsumer / RetailSeries D+$112.5M$674.7Msame sector · same stage
Wikia, Inc.Other TechnologySeries D+$138.3M$3.4Bnetwork1 shared operator · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Shoptelligence Inc.Consumer / RetailSeed$9.5M89%
Shopventory, Inc.Consumer / RetailSeed$5.9M89%
Shoptimize, Inc.Consumer / RetailSeed$20.3M89%
Shopscribe, Inc.Consumer / RetailPre-Seed$738K87%
StoreEase, Inc.Consumer / RetailSeed$14.1M86%
Shopinbox IncConsumer / RetailPre-Seed$1.3M86%
Store Research Inc.Consumer / RetailPre-Seed$1.6M85%
Shoptrue, Inc.Consumer / RetailSeries A$26.2M85%
Frequently asked
How much funding has Shopify Inc. raised?
Shopify Inc. has raised approximately $237.0M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Shopify Inc.'s estimated valuation?
Provath's modeled valuation for Shopify Inc. is approximately $978.2M (modeled range $851.6M–$2.1B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Shopify Inc. at?
Shopify Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Thu Oct 17.
What does Shopify Inc. do and where is it based?
Shopify Inc. operates in the Consumer / Retail sector, based in Ottawa.
Explore related

See where Shopify Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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