£3.9m funding for Moteefe
Moteefe has secured £3.9m funding.
The platform allows the creation of customised products such as T-shirts or engraved jewellery.
They can then be published to a white-labelled Moteefe store or their own platform and sold within minutes.
The London firm’s Series A round was led by Gresham House and Force Over Mass Capital.
The funding will be used to expand into new geographies including Australia and LATAM and launch new products for large retailers.
Mathijs Eefting, co-founder and CEO, 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.
“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.”
Additional services including on-demand production, fulfilment, payments and customer support.
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 $1 million.
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.”