Venture capital and private equity firm Insight Partners LP, which targets technology and software companies, will invest $145 million in commercetools GmbH.

The German software technology company will use the capital to fund its expansion plans in the U.S., Asia-Pacific and Europe.

In relation to the investment, Insight Partners Managing Directors Richard Wells and Matt Gatto will join the software company's board.

REWE Digital GmbH, a unit of global retail and hospitality business Rewe Gruppe, will continue as a major shareholder and investor in the business.