The money came courtesy of Bessemer Venture Partners, FirstMark Capital, Felicis Ventures, and Georgian Partners.
"This large investment will allow us to aggressively expand operations with a focus on three areas of growth," stated Tobias Lutke, Shopify's CEO and co-founder.
"First, we're looking to continue hiring the best developers and designers in the world. Second, we would like to open the door to strategic partnerships and acquisitions. Lastly, we will provide seed funding to developers looking to build apps that integrate with the Shopify platform."
The Ottawa-based firm will also launch "The Shopify Fund," a $1-million initiative encouraging developers to create add-ons that work on the Shopify platform. Shopify stated 100 businesses have already created apps, including QuickBooks and MailChimp.
Shopify has been undergoing large growth in 2011, which included doubling its employee numbers to 75 from 30 and moving to a new 12,000-square-foot location in the ByWard Market on the second floor of 126 York St., doubling its existing space down the street.
The company previously picked up $7 million in series-A funding in December 2010 from U.S. investors Bessemer Venture Partners, FirstMark Capital and Felicis Ventures. At the time, the e-commerce firm said the money would go towards "its technology, infrastructure and developer tools."
Some of Shopify's major merchants include Angry Birds, General Electric, Tata and Tesla Motors.
The firm was on OBJ's Fastest-Growing Companies list in 2011, with revenue growth of 385 per cent.