<SEC-DOCUMENT>0000950123-20-002566.txt : 20200901
<SEC-HEADER>0000950123-20-002566.hdr.sgml : 20200901
<ACCEPTANCE-DATETIME>20200214170026
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-20-002566
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BigCommerce Holdings, Inc.
		CENTRAL INDEX KEY:			0001626450
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				462707656
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		11305 FOUR POINTS DR, BLDG 2, 3RD FLOOR
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78726
		BUSINESS PHONE:		1-888-699-8911

	MAIL ADDRESS:	
		STREET 1:		11305 FOUR POINTS DR, BLDG 2, 3RD FLOOR
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78726
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<TD VALIGN="bottom"><B>DLA Piper <FONT STYLE="font-size:8pt">LLP (US)</FONT></B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">401 Congress Avenue, Suite 2500</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Austin, Texas 78701-3799</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">www.dlapiper.com</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Samer Zabaneh</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">samer.zabaneh@dlapiper.com</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>T</B> 512.457.7126</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>F</B> 512.721.2226</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;14, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Via
Edgar </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kathleen Krebs, Special Counsel</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bernard
Nolan, Attorney-Advisor</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen Krikorian, Accounting Branch Chief</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Melissa Walsh, Staff Accountant</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and
Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance Office of Technology</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P></TD></TR>
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<TD VALIGN="top"><B>Re:</B></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BigCommerce Holdings, Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Confidential Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Submitted January&nbsp;9, 2020</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>CIK
No.&nbsp;0001626450</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
behalf of BigCommerce Holdings, Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), we are transmitting this letter in response to comments received from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and
Exchange Commission by letter dated February&nbsp;5, 2020 with respect to the Company&#146;s Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;<B><I>Draft Registration Statement</I></B>&#148;). This letter
is being submitted together with Amendment No.&nbsp;1 (&#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;1</I></B>&#148;) to the Draft Registration Statement, which has been revised to address various of the Staff&#146;s comments. The bold
and numbered paragraphs below correspond to the numbered paragraphs in the Staff&#146;s letter and are followed by the Company&#146;s responses. For the Staff&#146;s convenience, we are also sending, by courier, copies of this letter and marked
copies of Amendment No.&nbsp;1 that reflect changes made to the Draft Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise indicated, capitalized terms used herein
have the meanings assigned to them in the Draft Registration Statement. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Overview, page 1 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<I>You
refer to your annual revenue <FONT STYLE="white-space:nowrap">run-rate</FONT> (&#147;ARR&#148;) for the periods presented here and throughout the prospectus. Please define the ARR metric here or provide a cross-reference to such disclosure.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 3 of Amendment No.&nbsp;1 to provide the requested
cross-reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Market Size and Opportunity, page 4 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<I>You state that you believe your total addressable market is materially larger than ecommerce platform spend due to the additional
revenue share that you earn from your technology partner ecosystem. As the estimate of market opportunity for ecommerce platforms appears to include spend on both <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">software-as-a-service</FONT></FONT></FONT> (&#147;SaaS&#148;) and legacy software, please also discuss the effect that the continued strength of legacy software may have on such estimate. In this regard, we note your
disclosure that legacy software is still prevalent for the largest retail businesses and that only within the last five years have multiple SaaS options begun to challenge legacy software leaders in the small,
<FONT STYLE="white-space:nowrap">mid-market,</FONT> and large enterprise segments. Also, while we note your discussion of the disadvantages of legacy software throughout the prospectus, please address whether there are any material risks and
challenges that legacy software has posed, or is expected to continue to pose, to your business. In this regard, the first risk factor on page 35 suggests that the challenge of converting businesses from legacy software to SaaS is magnified in the
case of highly regulated industries.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 4, 35
and 83 of Amendment No.&nbsp;1. The Company respectfully advises the Staff that it believes any continued strength of legacy software would not change the estimate of the market opportunity, only the rate at which the Company can gain market share
within the addressable market. The Company believes its SaaS ecommerce platform is capable of replacing legacy ecommerce platforms such that its platform is not precluded from competing with legacy platforms for every dollar of spend in the stated
market opportunity. The Company recognizes that legacy software had the advantage of being the platform of choice prior to the rise of SaaS ecommerce platforms. However, the Company does not believe legacy software has any other advantages over SaaS
ecommerce solutions that pose material risks to its business beyond the risks described in Amendment No.&nbsp;1. </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Our solution, page 6 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<I>Please provide support for the assertion that you are the leading open SaaS platform for cross-channel commerce.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 6 and 84 of Amendment No.&nbsp;1. In addition, the
Company respectfully directs the Staff to the third full paragraph on page 2 and the second full paragraph on page 81 of Amendment No.&nbsp;1, where it cites BuiltWith.com&#146;s ranking of it as the world&#146;s second most-used SaaS ecommerce
platform among the top one million sites globally by traffic. In addition to this ranking, the Company believes it is uniquely positioned among leading SaaS ecommerce platforms due to the open nature of its platform and the resulting flexibility and
connectivity to external applications and services. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Our success depends in part on our partner-centric . . ., page 21 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<I>You disclose that certain of your strategic technology partners, including PayPal, Google, and Stripe, generate significant
revenue for you. In this regard, we also note your disclosure in Note 2 to the financial statements on page <FONT STYLE="white-space:nowrap">F-11</FONT> that one partner represented 12% of your revenue for the fiscal year ended
December</I><I></I><I>&nbsp;31, 2018. To the extent that any particular partner has continued to represent a significant portion of your total revenue and the loss of such partner would have a material adverse effect on your business, please enhance
this risk factor by highlighting that fact and specifying the partner from which you derive that revenue, and describe the material terms of the contract governing such relationship. Also, please clarify whether your contracts with strategic
technology partners are cancelable.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 21 of
Amendment No.&nbsp;1. In addition, the Company respectfully advises the Staff that while the loss of certain strategic technology partners could be material, it does not believe the loss of any particular partner would have a material adverse effect
on its business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risks related to owning our Series 1 common stock and this offering, page 41 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<I>Please address in a risk factor the extent to which your directors, executive officers, and persons holding more than five percent
of the outstanding shares of Series 1 common stock will be able to exercise significant influence over any vote of the Series 1 stockholders after the offering, as well as the anti-takeover implications of such concentration. Also, disclose the
percentage of the Series 1 common stock that they will together beneficially own following the offering in the prospectus summary.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>:
In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 10 and 42 of Amendment No.&nbsp;1. </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The provision of our amended and restated certificate of incorporation requiring . . ., page 47
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<I>You state that the exclusive forum provision will not apply to suits brought to enforce a duty or liability created
by the Securities Act of 1933 or the Securities Exchange Act of 1934. The corresponding disclosure on page 125, however, indicates that the provision will require that claims arising under the federal securities laws must be brought in a state or
federal court located within the State of Delaware. Please revise to reconcile these disclosures and clarify whether the exclusive forum provision will apply to claims arising under the federal securities laws in any manner. If the provision will
apply to claims arising under the federal securities laws, state that there is uncertainty as to whether a court would enforce such provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations
thereunder. If the provision will not apply to claims arising under the federal securities laws, please also ensure that the provision states this clearly, or tell us how you will inform investors in future filings that the provision does not apply
to any claims arising under the federal securities laws.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the
disclosure on pages 128 to 129 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Market, Industry, and Other Data, page 49 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<I>We note that you cite estimates and statistics from a number of third-party publications and reports throughout the prospectus. In
addition to identifying the third parties, please provide the name and date of each publication or report that you reference.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In
response to the Staff&#146;s comment, the Company has revised the disclosure on page 49 of Amendment No.&nbsp;1. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Use of Proceeds, page 50 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<I>Please identify any executive officer, director or any of their affiliates who will be receiving offering proceeds pursuant to the
Series F Dividend, and quantify the amount each will receive. Provide this disclosure in the aggregate under the summary of the offering on page 12.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 13, 50 and 120 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations Overview, page 60 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<I>You disclose here and throughout the prospectus that the 60,000 online stores that you serve represents your customer base. As
your customers may have multiple stores running on your platform and your growth strategy is dependent in part on selling additional stores to existing customers, please contextualize this disclosure by providing the number of businesses and stores
on your platform for each period presented. Also, given your particular focus on acquiring, retaining, and growing your <FONT STYLE="white-space:nowrap">mid-market</FONT> and large enterprise customer base and the fact that the increase in the
number of <FONT STYLE="white-space:nowrap">mid-market</FONT> and large enterprise customers has been one of the primary contributors to your revenue growth, please break out such information by type of business. In this regard, we note the growth in
your <FONT STYLE="white-space:nowrap">mid-market</FONT> and large enterprise customer base is not clear because your accounts with annual contract value (&#147;ACV&#148;) greater than $2,000 metric includes not only customers on Enterprise plans but
also customers on Pro plans and customers with multiple plans that together exceed such threshold. Finally, in light of the strategic importance of large enterprises to your business and your statement that the power of your platform to support
their growth better than legacy software is &#147;evidenced by the large and growing number of category leaders and Global 2000 businesses that select you as their ecommerce platform of choice,&#148; please also specify the number of large
enterprise businesses and stores on your platform for each period presented.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully advises the Staff that the
difference between the number of stores on the Company&#146;s platform and the number of customers operating stores on its platform is not material. As such, the Company believes the marginal benefit to investors of disclosing the number of
customers is outweighed by the potential confusion to investors in providing similar figures with significant overlap between them. In addition, the 60,000 online stores statistic is included merely to demonstrate to investors the current scale of
platform usage and is not a key business metric that the Company anticipates reporting on a quarterly basis. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also respectfully advises the Staff that its plan names of &#147;Enterprise&#148; and
&#147;Pro&#148; are not necessarily indicative of the type of customers that use those plans. However, the Company believes the vast majority of its large enterprise customers are using its Enterprise Plan, and in response to the Staff&#146;s
comment 14 below, the Company has added disclosure regarding &#147;enterprise account&#148; ARR. Notwithstanding the foregoing, the Company does not view these items, or the number of large enterprise customers, as key business metrics on which it
intends to report on a quarterly basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company uses the key business metric &#147;accounts with ACV greater than $2,000&#148; because it gives
management an accurate representation of the Company&#146;s position in the market for ecommerce platforms: <FONT STYLE="white-space:nowrap">mid-market</FONT> and large enterprise customers. The Company believes it is important to its market
positioning and strategic vision to track and report on <FONT STYLE="white-space:nowrap">mid-market</FONT> and large enterprise customers together in this cohort of accounts with ACV greater than $2,000, regardless of which of the Company&#146;s
plans customers are using. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Key factors affecting our performance, page 63 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<I>Please discuss whether there are any material challenges related to retaining and growing your existing customers that you have
faced or expect to continue to face. In this regard, we note that growth in subscription solutions revenue in fiscal year 2019 appears to have been primarily driven by the acquisition of new customers. Further, we note your net revenue retention has
fluctuated between negative and positive rates for the periods presented. For additional context, please also disclose the average fixed term of your existing <FONT STYLE="white-space:nowrap">non-cancelable</FONT> enterprise contracts.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 62 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Key business metrics, page 63 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<I>In your explanation of the computation of annual revenue <FONT STYLE="white-space:nowrap">run-rate,</FONT> you indicate that
monthly recurring revenue includes contractual growth adjustments as customers&#146; businesses grow past contracted order thresholds. Please clarify whether you include the actual adjusted fees once the customers&#146; business has reached the
threshold or an estimated amount.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 63 of
Amendment No.&nbsp;1. The Company respectfully advises the Staff that it includes growth adjustment revenue in ARR in the month following actual invoicing to the customer for actual orders past threshold. These are actual amounts, not estimates.
</P>
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<IMG SRC="g844671img01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Key business metrics, page 63 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<I>In your explanation of the computation of average revenue per account for accounts above the ACV threshold, please clarify the
period you use to determine the amount of customer-billed revenue and the allocated amount of partner and services revenue included in the calculation.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 63 to 64 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Key business metrics, page 63 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<I>Please provide an analysis explaining how changes in your key business metrics correspond to changes in revenues for the periods
presented. For example, address the decrease in both the number and the net retention rate of accounts with ACV greater than $2,000 as of June</I><I></I><I>&nbsp;30, 2018 compared to March</I><I></I><I>&nbsp;31, 2018. Refer to the Instructions to
Item 303(a) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT></I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has
revised the disclosure on pages 63 to 64 of Amendment No.&nbsp;1. The Company respectfully advises the Staff that changes in its key business metrics do not necessarily correspond with changes in its revenue. For example, the Company&#146;s net
revenue retention of accounts with ACV greater than $2,000 could decrease due to a number of factors, including customer churn or the loss of certain partner and services revenue for continuing customers, however the impact on revenue could be
offset by other factors, including new customer acquisition, store launches, and revenue growth in accounts with ACV less than $2,000. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Key business
metrics, page 63 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<I>You disclose the percentage of your ARR generated from accounts with greater than $2,000 ACV for
each period presented. Please also disclose the percentage of ARR generated from customers on your Enterprise plan for each period presented. In this regard, we note that as of December</I><I></I><I>&nbsp;31, 2019, such customers generated
&#147;approximately half&#148; of your ARR.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page
64 of Amendment No.&nbsp;1. </P>
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<IMG SRC="g844671img01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Liquidity and capital resources, page 72 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<I>You state that you believe the net proceeds received from this offering will be sufficient to meet your working capital and
capital expenditure needs and your debt service obligations for at least the next 12 months. As it appears that you have identified a material liquidity deficiency and continue to have substantial doubt as to your ability to continue as a going
concern, please disclose the minimum period of time that currently available capital resources will allow you to conduct planned operations and satisfy your obligations, as well as the minimum dollar amount of funding required to remain in business
for at least the next 12 months. Also, highlight this risk in a separately captioned risk factor. Refer to Item 303(a)(1) and (2)</I><I></I><I>&nbsp;of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Section IV of SEC Release
No.</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;33-8350.</FONT></I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully notes the Staff&#146;s comment and
will address this comment in a subsequent amendment to the Draft Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 2. Summary of significant accounting policies </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Revenue recognition, page <FONT STYLE="white-space:nowrap">F-11</FONT> </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<I>We note from your disclosure in the second to last paragraph on page 64 that you generally recognize revenue for enterprise
contracts ratably over the term of the contract by estimating the total consideration to be received over the contract term. Please disclose the methods, inputs, and assumptions used in estimating the transaction price for enterprise contracts.
Refer to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-20.</FONT></FONT></FONT></I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comments, the Company has revised its disclosures related to its description of enterprise contracts on page
65 and accounting policy on page <FONT STYLE="white-space:nowrap">F-12</FONT> of Amendment No.&nbsp;1. The Company respectfully advises the Staff that Enterprise plan contracts are generally comprised of a single performance obligation to provide
access to its platform. The transaction price for these contracts is comprised of fixed subscription fees and variable transaction-based fees. The Company has concluded that allocating transaction-based fees to the period when billed or billable
meets the allocation objective after considering all fixed fees and payment terms within the contract. </P>
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<IMG SRC="g844671img01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 9
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 9. Stockholders&#146; equity (deficit) </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Preferred stock, page <FONT STYLE="white-space:nowrap">F-23</FONT> </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<I>Please revise to disclose the number of shares into which your preferred stock is convertible into at the balance sheet date.
Refer to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">505-10-50-6(b).</FONT></FONT></FONT></I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">F-23</FONT> of
Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<I>Please supplementally provide us with copies of all written communications, as defined in Rule 405 under the Securities Act, that
you, or anyone authorized to do so on your behalf, present to potential investors in reliance on Section</I><I></I><I>&nbsp;5(d) of the Securities Act, whether or not they retain copies of the communications.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company will provide to the Staff on a supplemental basis copies of the written communications, as defined in Rule 405 under the
Securities Act, that have been presented to potential investors in reliance on Section&nbsp;5(d) of the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * </P>
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<IMG SRC="g844671img01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 10
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We and the Company appreciate the Staff&#146;s attention to the review of the Draft Registration Statement.
Please do not hesitate to contact me at (512) <FONT STYLE="white-space:nowrap">457-7126</FONT> if you have any questions regarding this letter or Amendment No.&nbsp;1. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours,</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DLA Piper LLP (US)</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Samer Zabaneh</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Samer M. Zabaneh</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Partner</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">DLA Piper (US) LLP</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Brent Bellm (BigCommerce Holdings, Inc.) </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jeff Mengoli (BigCommerce Holdings, Inc.) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Chuck Cassidy (BigCommerce Holdings, Inc.) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Justin Bowes (BigCommerce Holdings, Inc.) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Joseph Fore (DLA Piper LLP (US)) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Drew M. Valentine (DLA Piper LLP (US)) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Nicole Brookshire (Cooley LLP) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Darren DeStefano (Cooley LLP) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mark Ballantyne (Cooley LLP) </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
