Diligence memo · auto-generated · as of July 2, 2026
Sps Commerce Inc
Sps Commerce Inc looks fair against its niche peers and is quiet on financing cadence.
Businessfiled
Sps Commerce Inc operates in Retailing, based in MINNEAPOLIS.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Sps Commerce Inc has raised $104M in disclosed capital across 4 recorded rounds, aggregated from public filings. Its latest round is modeled as Series C (a $40M–$100M round).
Largest single filing: $87M on 2024-07-31.
Most recent recorded round closed around 2024-07-31.
Valuation (modeled)modeled
Provath models Sps Commerce Inc at approximately $437M (range $303M–$656M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 1.15× the median modeled value of Series C Retailing companies in 2022–2024 (18 peers) — value vs value, same stage and era. Within the normal band (115% of peer median) for its niche.
Financing rhythm & timingmixed
Historic cadence: a new round about every 48 months.
Last raise 23 mo ago; this sector typically re-raises about every 13 months.
Slightly overdue versus sector cadence.
The last round stepped up 25.6× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 97% of Retailing peers (2347 compared).
Modeled value ranks above 97% of those peers.
Closest niche peers: Sixgomeow Ltd, Houyi Digital Internet Industry Technology Co., Ltd., ZC GOLD Jewelry INC, Ruyizhou INC, Suma Brands, Inc..
Peoplefiled
20 named people on file across officers, directors and signatories.
Risks & flagsmixed
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.