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E-commerce startup from Newcastle raises $2m in seed funding

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E-commerce platform Moltin, founded by three Newcastle developers, has secured $2m in seed funding.

The round was led by Dublin-based Frontline Ventures and Gil Dibner’s AngelList Syndicate, which backs top-tier tech-driven companies in Europe and Israel.

Adam Sturrock, co-founder and CCO at Moltin, commented on the challenges facing startups seeking investment in both the UK and overseas, telling Tech City News: “Having raised [funds] in both Europe and the [Silicon] Valley for this round, I think it varies greatly on the type of company you’re building and the focus you have. At Motlin our focus is primarily on growth, and this put a lot of the more risk averse European investors off but really appealed to those with a more US driven mindset.”

According to a company statement, the funds will be used to further develop its technology and establish partnerships to capitalise on external interest from global brands.

Investor Gil Diber commented on his investment: “Moltin brings the promise of the microservices revolution to e-commerce in a powerful and compelling way. As more and more of the retail economy moves online, retailers are going to seek ways to differentiate their online experiences. The kind of flexible architecture that Motlin is built on enables retailers to focus on the customer experience, not the infrastructure — and that’s a powerful offering for leading retailers.”

The platform, which targets developers, agencies and retailers, was first founded in Newcastle in 2013. Although it is now headquartered in California, its engineering operations continue to be based in Newcastle.