Skio, a New York-based startup that helps Shopify brands sell subs by managing and scheduling payments, raised USD 3.7 million in a seed funding round led by Adjacent on 23 December 2021.
Investors: Adjacent led the latest funding round. Y Combinator, James Beshara (Magic Mind), Jeremy Cai (Italic), Daniel Rutberg/Moody Nashawaty (Mutesix), Shaan Puri (My First Million), Julian Shapiro (Demand Curve), Roman Khan (Linjer, Raycon), Paul Michaux (Prose), Kevin Lee (immi), Geoff Miles (Bev), Kal Freese (Taika), Mike Rossi (Smile.io), Lauren Jarvis (Literati), Maneet Khaira (Backbone), Adrian Alfieri, Grace Clarke, Sahil Bloom, Alex Whatley (Cresicor), Jeff Chang (Growth Advisor), Mike Angell (Carted), Roland Cassirer/Ryan Brennan/Phil Kramer (Orchard Analytics), Yunyu Lin/Rahul Sengottuvelu (Cohere), & many D2C angels, also contributed to the round.
The Objectives behind the funding: The company plans to deploy the current proceeds toward product development and hire world-class software engineers aggressively.
About Skio
Founded in April 2021 by Kennan Davison, an engineer who previously worked at Hulu and Pinterest, Skio helps Shopify brands sell subs by managing and scheduling payments as well as anything consumer-facing around the process. The startup has several prominent customers, including Bev, MatchaBar, Remedy Organics, Quokka Brew, Muddy Bites, Barukas, Simulate, Red Bay, Dandelion Chocolate, Siete Foods, Doe Lashes and Backbone. While only helping merchants on Shopify with subscriptions, for now, Skio’s goal is to work with merchants one day on “all of the internet.”
What the Founder has to say:
“With this quicker building, we’re able to do better than current solutions with one-click checkout with Shop Pay, which increases conversions; passwordless login, which reduces customer tickets; 10x faster subscription editing; a ready-to-go headless subscription portal that leads to instant loads; group subscription discounts, and an easy migration from ReCharge,” Kennan Davison said.
What the Investor has to say:
“When I was introduced to Kennan, it struck me that he was building a fundamental piece for Shopify-based subscription services, and a few reference calls with his and potential customers quickly confirmed that his product was much more promising and flexible than existing solutions,” Nico Wittenborn, Founder of Adjacent wrote. “There is only one serious competitor, ReCharge, which seems to have gotten comfortable with the dominant position in the market. This has led to a frustration in the ecosystem and created the opportunity for someone like Kennan to come along and shake things up with a more responsive, integrated product and better customer support.”
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