ChannelAdvisor announced that they have acquired another $20 million of VC funding from New Enterprise Associates. Also, they announced some staff reductions.

Pushing towards an IPO, the lay offs are an effort to control expense and move toward profitability.

Apparently around 45 people will be/have been laid off from headquarters with some more staff cuts expected at other international offices too (totalling about 70 of the current 350 employees).

This news comes shortly after the announcement of the purchase of RichFX for $3mil, and release of the new Premium Store product which should provide a much better online store presence for CA customers than their old store technology.

A more detailed article can be found here.

With $25mil in rev last year, Scot is shooting for profitability next year.