Moteefe, the e-commerce platform for on-demand production of merchandise, has raised $5M in a Series A round led by Gresham House and Force Over Mass Capital.
The funding will be used to expand into new geographies including Australia and LATAM, launch new products for large retailers, and invest in scaling its operations.
Moteefe provides an end-to-end technology platform for entrepreneurs, influencers, and micro retailers wanting to design, create and sell customised products, such as printed t-shirts or engraved jewellery.
Brands use the platform to design new products and publish these in real-time to a white-labelled Moteefe store, or their own platform, for sale within minutes.
Unlike traditional marketplaces, users can launch their own stores on their own domain – so they maintain full ownership of the client relationship and data, with the options to use Moteefe’s end to end services including on demand production, fulfilment, payments and customer support for free.
Mathijs Eefting, co-founder and CEO of Moteefe said: “Our goal when we started the company three years ago was to create the easiest and most powerful way for anyone to design, sell, and scale their product ideas around the world.
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“The sheer volume of products created by the thousands of merchants working with Moteefe brings powerful economies of scale, enabling small businesses using our platform to pass on savings as well as produce timely relevant personal content for their customers. This new funding will enable us to continue to work with entrepreneurs and retailers from all sizes around the world.”
Since launch in 2015, more than 2,500 micro-retailers and entrepreneurs are leveraging social commerce to build, engage, and monetise new fanbases.
Last year, more than 200 Moteefe customers sold over $100,000 worth of merchandise with some selling over $1Million. Anecdotally, many have been able to leave their day job to focus on their ecommerce business.
Steve Cordiner, Head of Unquoted Investment at Gresham House Ventures, added: “Moteefe has achieved a lot in a short amount of time due to the founding team’s global ambition from the get-go and the scalability that they built into the business model.
“We recognised the company’s huge potential as a high growth, international, technology-led business and this is just the beginning of an exciting journey for them.”