Although the e-commerce industry is booming, there are still some roadblocks on the path of its success and growth. This is where several solutions come to the rescue by helping companies grow their e-commerce sales. One such firm is Dublin-based Wayflyer, which provides brands with revenue-based funds and free analytics.
Bags €8.6M seed funding
Wayflyer, an Irish e-commerce revenue-based financing and marketing analytics platform bagged $10.2M (nearly €8.6M) seed capital funding. This investment round was led by QED Investors including ClearScore, Credit Karma, Nubank and SoFi along with Middlegame Ventures and co-investors Speedinvest and Fintech Investment Vehicle FGFE.
The fresh investment will support the global growth ambitions of the company, its ability to continue providing funding for e-commerce platforms and develop its proprietary technology further. This investment comes as Wayflyer scales to meet the heavy demand in the e-commerce industry for its funding and analytics products and services that are ideal for small businesses. Also, the company intends to reach profitability in 2021.
Aidan Corbett, Wayflyer’s CEO and co-founder says that this funding will let them expand their global footprint.
Notably, Wayflyer aims to expand their customer base in the US, the U.K. and Ireland. Also, it aims to strengthen their presence in fast-growing e-commerce markets such as Australia and Canada. A portion of this new capital will be dedicated to improving Wayflyer’s analytics and marketing insights software to be even more responsive and customisable, allowing clients to capitalise upon unseen marketing opportunities.
Pumps funds to growing e-commerce brands
Founded in 2019 by Aidan Corbett and Jack Pierse, Wayflyer helps e-commerce brands meet their potential by providing them with unsecured and affordable capital of up to $5M (nearly €3.3M) for advertising and inventory.
According to the company, each Wayflyer advance has a simple one-off fixed fee (typically from 4-12%). This fee helps recover the costs associated with funding the advance and processing your application. It claims there are no origination fees, annual fees, monthly maintenance fees, documentation fees, or hidden fees.
In order to qualify for the advance, as per the company, ecommerce companies must fit into the below criteria:
- At least 6 months operating history
- At least $250,000 ( nearly €211K)in annual online revenue in the past year
- Headquartered in USA, UK, Ireland, Australia or New Zealand
- Can easily spend $5,000 – $500,000 (€4223 – €422,307)per month in online marketing
Wayflyer claims that it offers a mix of funding and AI-driven marketing insights enabling founders to take control of their businesses and succeed in the infancy stages of their brands.
Main image picture credits: Wayflyer