At a time when global retail has been struggling and supply chains have come to a grinding halt, London-based Moteefe has doubled the number of users and witnessed a strong customer demand for retailers’ products. The leading platform that sells unique and personalised merchandisable products has seen a surge in demand that has enabled them to grow the team and increase production.
Completes €9.3M funding
The e-commerce platform that provides infrastructure, customisation, and global fulfilment for retailers irrespective of their size has completed $11 million (nearly €9.3 million) funding. The round was led by BGF along with participation from existing investors such as Force Over Mass Capital and Gresham House Ventures. This round comes after the $5M Series A funding round announced in February 2020 and brings the overall funding to $23 million.
“We were impressed with how Moteefe’s unique platform capabilities have allowed it to continue on its fast growth trajectory during the first part of 2020 despite the COVID 19 pandemic. This performance has underlined the demand in the market for their technology as the global retail landscape undergoes a massive transformation” said Daina Spedding, investor for BGF who led the deal. “What Moteefe represents is truly visionary – bringing together the entire ecosystem from store to just-in-time production and delivery – to solve the challenges retailers are facing getting to grips with the new speed, quality, choice and sustainability expectations of consumers. Those retailers don’t have the time to piece individual technologies together.”
Witnesses steady growth
Already, the London-based startup has expanded by hiring 40 new employees to its team and three new executives to support its expansion and enterprise proposition. Moteefe boasts a network of 20 production and fulfilment partners across Australia, Brazil, Canada, USA and Europe to enable retailers and entrepreneurs across the world to easily tap the international demand.
Detailing on its growth, Moteefe witnessed a 150% growth in the first half of 2020. The other outputs that it witnessed since the debut of this year include the launch of thousands of new merchant stores, worldwide sales on the Moteefe platform with support for over 5000 merchants, and more.
Flexible e-commerce platform
Founded in 2015 by Lev Kundin, Mathijs Eefting and Olivier Stapylton-Smith, Moteefe’s platform has retailers ranging from indie entrepreneurs to high street brands. The fully flexible end-to-end e-commerce platform lets anyone to set up an online store or sell customised products on their website within minutes. The products that are ordered by customers immediately enter production. Large retailers switching to Moteefe as they wish to provide customised products for their customers. They are also working towards efficiently testing new product styles as well as categories at small and large scale.
As there is no minimum production run, the platform removes the risk, upfront cost, and wastage associated with testing ideas, markets, and geographies. It enables the rapid production of successful products to meet the demand from retailers and improves sustainability and supply chain efficiency with local fulfilment partners in order to minimise shipping distances.
Main image picture credits: Moteefe
01
From telecom veteran to Dutch Startup Visa success: The Jignesh Dave story