Tictail raises seed round from Balderton Capital and Klaus Hommels
London, 22 October 2012: Tictail, the DIY ecommerce platform from Sweden voted one of the top 100 startups by Wired, has raised €1.2 million in seed funding in a round led by Balderton Capital and Klaus Hommels, it was announced today.
Members of its advisory board, including Spotify CPO Gustav Söderström and Tumblr COO Fredrik Nylander, have also made personal investments in the company.
Tictail has taken a unique approach to the user interface of an online store and just unveiled a new feature: the to-do feed. The to-do feed serves as a personal marketing and sales assistant, generating daily tasks tailored to each retailer to improve customer relations and help the store perform better. This includes social media advice - designed to help the stores keep a strong ongoing presence in social media, reminders of orders that need shipping, SEO advice and CRM-support to keep track of loyal customers.
As part of the announcement Tictail has also launched a subscription feature allowing people to subscribe to their favourite store at the click of a button to get timely updates of new products, discounts and news.
Tictail was launched in May this year and already has more than 5000 stores online including cult jeans brand Cheap Monday. It is quick, easy and free to set up an online store on Tictail. Main markets today are the Nordics, Germany and UK. With the new funding Tictail plan to focus on UK specifically, with bigger growth targets also set for Europe.
Carl Waldekranz, CEO of Tictail, comments: “We’re delighted to have the endorsement and financial backing of great names such as Balderton and Klaus Hommels to take us into our next phase of development. We are growing at an incredible rate and with our new ‘to-do feed’, which is the first of its kind, we’re looking forward to helping more people with great products get online and grow their businesses.”
Roberto Bonanzinga, partner at Balderton Capital, comments: "The Balderton team loves to work with entrepreneurs when they're beginning to turn high-potential ideas into reality. Tictail's ambitions have been global from the outset and their technology is truly disruptive. What really stood out for us though is the fit between the potential of the opportunity and the DNA of the team, and we are excited about the role Tictail will play in shaping future ecommerce technologies."
Klaus Hommels comments: "Tictail is for me a true democratisation of ecommerce. It's a friendly, simple platform that provides every individual with powerful tools, ultimately providing a positive feeling of building a business. Led by a stellar, passionate management team, it was a very quick decision to invest."
Tictail is a DIY ecommerce platform that is free to use and lets retailers set up online stores quickly and easily. Dubbed ‘the Tumblr of ecommerce’ by Wired Magazine, Tictail’s platform focuses on strong community integration, simplicity of use and attractive, customisable design.
Founded in Stockholm in May 2011, the company launched the platform a year later and now has over 5,000 stores online. Its mission is to help indie brands and boutiques get online and drive sales.
Tictail’s advisory board, who have also invested, includes Gustav Söderström, CPO of Spotify, Peter Sandström, CTO of Stardoll, Fredrik Nylander, COO of Tumblr and Sophia Bendz, Global Marketing Director Spotify. It raised a seed round from Balderton Capital and Klaus Hommels.
Tictail was a finalist in the Spark of Genius competition at Dublin Web Summit and was named as one of Europe’s top 100 startups in the September edition of Wired. They were also recently named Sweden’s best entrepreneurs 2012 by Internet World.
Balderton Capital is one of the largest venture capital firms in Europe, committed to finding and helping talented entrepreneurs build great companies. Based in London, the firm manages $1.9 billion in committed venture capital. Since 2000, Balderton has invested in over 100 companies, principally in numerous European countries but also in the US and Asia. Notable investments include YOOX Group (the online retailer of leading fashion brands, listed in December 2009), LOVEFiLM (sold to Amazon in 2011), Betfair (the online betting exchange floated in London in October 2010), Bebo (sold to AOL for $850m), and MySQL (sold to Sun for $1 billion). Balderton’s growing portfolio of ecommerce investments includes WorldStores, The Hut Group, Gemvara, KupiVIP.ru and Vestiaire Collective. For more information, visit: www.balderton.com.
Rachel Phythian +44 20 7324 6192 Rachel@balloupr.com
Carmen Murray, Powerscourt (for Balderton Capital)
+44 20 7324 0496