Portfolio

Tictail closes series A funding round of $8 million and announces the company’s expansion to New York

FEB 18, 2014

The free-to-use e-Commerce platform has grown to over 35,000 online stores in 110 countries worldwide; with the new funding, the company will focus on the consumer experience and merchant discovery within the Tictail community.

Tictail (www.tictail.com), the free-to-use DIY e-commerce platform based in Stockholm, today announces an $8 million Series A funding round lead by Thrive Capital, New York; and followed by early backers Balderton Capital, London; Project A Ventures, Berlin, Creandum, Stockholm. Other strategic investors include Scott Belsky, founder and CEO of Behance; Andy Dunn founder of Red Swan Ventures, and founder and CEO of Bonobos; Nick D'Alossio, founder of Summly; and Jesse Derris, founder and CEO of Derris & Company.

Founded in May 2011, Tictail allows an individual or retailer to set up a virtual store in minutes. Dubbed 'the Tumblr of e-commerce' by Wired Magazine in 2012, Tictail focuses on strong community integration, simplicity of use, and attractive, customisable design. In less than two years, Tictail has grown to over 35,000 stores in 110 countries. In 2014, Tictail will increase its focus on the consumer by creating new ways for consumers to shop and discover stores and nurturing a unique community of buyers and sellers. In addition to continuing to build the product team, this latest funding will be used to open a New York office focused on growth in North America.

Carl Waldekranz, CEO and co-founder of Tictail, comments: "The team at Thrive shares our vision for Tictail and has a strong product focus, which is key for us as we improve the consumer experience by providing merchants with the tools necessary to connect with consumers in a way that wasn't possible before. This year will be a game changer. I feel strongly that our internal motto, "We're just getting started," is more true now than ever before."

About Tictail
Founded in May 2011 by Swedish entrepreneur Carl Waldekranz and co-founders Kaj Drobin, Birk Nilson, and Siavash Ghorbani, Tictail launched its free-to-use DIY e-commerce platform in May 2012. The Tictail platform allows an individual or retailer to set up a virtual store in minutes. The company is based in Sweden and New York City. Tictail currently hosts more than 35,000 online stores created in 110 countries.

In October 2012, Tictail secured $1.6 million in seed capital investment from Balderton Capital (MySQL, LoveFilm, Wooga), followed by Klaus Hommels (Skype, Facebook, and Spotify) and others on the Tictail advisory board, which includes Gustav Söderström, CPO of Spotify; Fredrik Nylander, CTO of Oscar and former COO of Tumblr; Sophia Bendz, Global Marketing Director, Spotify; and Gustaf Alströmer, head of Product and Growth at AirBnB, and formerly Voxer.

Will Gaybrick of Thrive will join Roberto Bonanzinga of Balderton Capital on Tictail's Board of Directors.

Stores currently on Tictail range from big brands such as Lufthansa and Cheap Monday to Kickstarter projects such as Transparent Speaker and Good and Proper Tea.

Tim will join existing investor Sven Schmidt from Accel on the GoCardless Board. Robert Dighero from Passion Capital also remains on the Board as an observer.

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Press contacts
Hiroki Takeuchi (for GoCardless): hiroki@gocardless.com +44 20 7183 8674

Ellie Sweeney or Carmen Murray, Powerscourt (for Balderton Capital): 
ellie.sweeney@powerscourt-group.com 
carmen.murray@powerscourt-group.com 
+44 20 7324 049

About GoCardless
GoCardless makes it simple for anyone to collect Direct Debits online – instantly, and affordably. The company collects hundreds of millions of pounds a year for UK businesses, and serves more businesses than any other UK Direct Debit provider.

The firm is sponsored by RBS and authorised by the FCA. GoCardless has raised funding from major UK and US venture capital firms including Balderton Capital, Accel Partners, Passion Capital, and Y-Combinator. See here for more information and images or visit our website at GoCardless.com.

About Balderton Capital
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 more than $2.1 billion.

Since 2000, Balderton has invested in over 100 companies, principally across Europe. Notable realised investments include Betfair (the online betting exchange, 2010 IPO), LOVEFiLM (the home entertainment subscription service, sold to Amazon in 2011), MySQL (the open-source database software, sold to Sun Microsystems in 2008) and YOOX Group (the online retailer of leading fashion brands, IPO in 2009). The current portfolio includes innovative companies such as 3D Hubs, Globoforce, Kobalt, Natural Motion, Openet Scytl, Talend, The Hut Group, Wonga, Wooga and WorldStores.

About Accel Partners
Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, London, New York City and Bangalore, as well as in China via its partnership with IDG-Accel. Accel has invested in over 500 companies, many of which have defined their categories, including Angry Birds (Rovio), Atlassian, Cloudera, ComScore, Dropbox, Facebook, Groupon, Imperva, Kayak, Playfish, QlikTech, Spotify, Supercell, and Wonga. For more information, visit the Accel Partners web site at www.accel.com find us on Facebook at www.facebook.com/accel.

Since 2000, Balderton has invested in over 100 companies, principally across Europe. Notable realised investments include Betfair (the online betting exchange, 2010 IPO), LOVEFiLM (the home entertainment subscription service, sold to Amazon in 2011), MySQL (the open-source database software, sold to Sun Microsystems in 2008), YOOX Group (the online retailer of leading fashion brands, IPO in 2009). The current portfolio includes innovative companies such as 3D Hubs, Globoforce, Kobalt, Natural Motion, Openet Scytl, Talend, The Hut Group, Wonga, Wooga and WorldStores.

Follow Suranga Chandratillake on Twitter (@Suranga_blinkx)

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