To continue creating what co-founder Serge Kassardjian referred to as “the Salesforce suite for e-commerce shops,” Staytuned Digital has raised USD 34 million in fresh stock and debt.
According to him, Shopify is now the largest of these developing platforms, where e-commerce has entirely changed. We are acquiring and creating technologies centered on the Shopify ecosystem.
The software firm develops and implements e-commerce apps focusing on Shopify merchants. According to Kassardjian, it has bought seven applications and over 28,000 clients.
Kassardjian said that although the firm was EBITDA positive in the fourth quarter, he would not divulge revenue growth.
According to Kassardjian, the new investment consists of USD 9 million in stock and $25 million in debt, potentially borrowing up to another USD 25 million. The business has raised USD 46.5 million in equity and debt.
TenOneTen, Rembrandt VC, Hawke Ventures, DragonX, FJ Labs, Interlace, Riverpark Ventures, Comma Capital, Kotti Capital, Alumni Ventures Group, Jason Finger, and several angel investors are among the investors in the fresh round. Tacora Capital headed the debt finance.
Staytuned in 2019, when the business was primarily concerned with video. Randy Jimenez and Kassardjian discovered the product didn’t function 11 months after the firm was founded and made “a hard turnaround,” according to Kassardjian.
We informed our board that we had only squandered a minimal amount of capital—roughly USD 500,000—Kassidjian said. “We invested in you guys and we believe in you,” said every one of our investors. As a result, we returned to the drawing board, and this pivot worked well. Also, we brought in a new group of investors, and their valuation has increased.
Since then, Lauralynn Drury has joined the founding group to assist in developing the goods and scaling the approach.
The increased money will allow Staytuned to recruit more developers, grow quickly, and buy other applications. According to Kassardjian, there is a long pipeline of possible apps to purchase.
The software has a very high-profit margin and expands more quickly than Shopify, but the e-commerce ecosystem expands more slowly, according to Kassardjian. The most significant hub of brands and merchants utilizing the software, which will drive e-commerce in the future, can be created if we acquire and produce enough software.
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