Shopgate, a mobile commerce platform based in Germany, announced today that it has completed a Series B round of financing with the European investing firms Northcap and Creathor Venture. The company said the funding, in the high seven figures, will fund its ongoing expansion. The company recently opened a branch office in Palo Alto, Calif., in Silicon Valley.

The three-year-old company, which develops customized native apps and mobile sites for online shops, serves more than 5,000 merchants and millions of users, according to a news release, and is on track to increase its gross merchandising volume tenfold this year.

"Our goal is to enable merchants to sell everything, anytime and anywhere," Shopgate CEO and founder Andrea Anderheggen said in the release. "We are thrilled to have this financial backing to strengthen our position within the booming mobile commerce market. Having previously worked with Creathor Venture and after intensive talks with Northcap, we are very happy to have found real entrepreneurial investors combining deep industry knowledge and a down-to-earth, pragmatic approach to building a worldwide category leader."

Although mobile commerce is set to become a $150 billion market in the next three years, Creathor Venture CEO Gert Köhler said few companies beyond Ebay and Amazon have built a solid foundation within the mobile commerce industry. "For m-commerce to be taken seriously, it needs an independent and focused approach," Köhler said in the release. "The Shopgate technology and the resulting benefits for merchants are far ahead of any alternative worldwide. The hyper growth and execution power of Shopgate in the last 18 months has been breathtaking."

Learn more about mobile retail.