Word came out Monday that Magento has it’s first major investment – $22.5 Million from an unnamed source. The speculation is that it’s from PayPal which would make sense because of a recent tightening of their relationship. Whoever the source is it means a brighter future during this growth period for online commerce and Magento plans to use the capital for mobile commerce and SaaS functionality so they’re hoping to ride that wave too it sounds like.

Here’s a more thorough write up and Magento’s official announcement. I was really impressed to see that the word “Magento” is now searched more than “eCommerce” which is a little mind-blowing by itself and interesting to compare the search trail for the old dog oscommerce. Hmm – maybe that includes a lot of people searching for magento the color?