Staffordshire-based ecommerce platform Moot has raised $18m (£13.8m), led by Espresso Capital, for its online sales unification service.
Moot’s platform allows companies to manage sales across different channels in a single place. It was founded in 2019 by ecommerce brand owners who had struggled to scale with the limited technology services provided by the likes of Shopify.
The company provides clients with a centralised database so that retailers can clearly monitor the activity of sales across all of the fragmented ecommerce landscape.
The startup will be putting the new funds towards expanding its AI tech for greater automation in activity analysis.
Moot’s digital tools were originally designed by company founder Nick Moutter exclusively for his own online store, Olivia.
“When starting that business, we needed a whole host of technology and tools. We decided to build most of what we needed from scratch, rather than licensing it,” Moutter said.
When other online sellers started approaching Moutter to use his company’s custom-made tools, he officially founded Moot.
“We realised there was a huge demand in industry,” said Moutter, particularly among companies in “the second stage of growth, where they are hitting the ceiling of Shopify, and looking for more advanced solutions to scale”.
Espresso Capital MD, Will Hutchins, said that Moot’s “unique platform combining operational capabilities, advanced user experience, and customer acquisition technology is attracting a growing list of tier-1 global clients”.
“The rapid growth in ecommerce presents a terrific opportunity for Moot and we believe the company has the right team and technology platform to become a global EaaS leader.”
Moot’s growth has been rapid since its formation, with annual recurring revenue expected to hit £100m this year after bringing on major retail clients like Asos and Timberland.
The company previously raised £5m in seed funding in July of last year, in a round led by Fuel Ventures.