BGF leads investment round into e-commerce platform Moteefe
Moteefe, the e-commerce platform providing infrastructure, customisation and global fulfilment for retailers of all sizes, has successfully completed an $11M funding round. New investor BGF led the round with participation from existing investors including Gresham House Ventures and Force Over Mass Capital.
More than 5,000 retailers, from indie entrepreneurs to high street brands, use Moteefe’s platform to manage the sale, on demand production and fulfilment of new products. The fully flexible end-to-end e-commerce platform enables anyone to set up an online store or offer customised products on their own site in minutes. Products are produced immediately following a customer order.
“We were impressed with how Moteefe’s unique platform capabilities have allowed it to continue on its fast growth trajectory during the first part of 2020 despite the Covid 19 pandemic. This performance has underlined the demand in the market for their technology as the global retail landscape undergoes a massive transformation” said Daina Spedding, investor for BGF who led the deal. “What Moteefe represents is truly visionary – bringing together the entire ecosystem from store to just-in-time production and delivery – to solve the challenges retailers are facing getting to grips with the new speed, quality, choice and sustainability expectations of consumers. Those retailers don’t have the time to piece individual technologies together.”
Large retailers are turning to Moteefe to offer customised products for their customers. They are also working with the platform to efficiently test new product styles and categories at both small and large scale, which their often outdated systems and supply chains are ill-equipped to handle.
With no minimum production run, Moteefe’s platform removes the risk, wastage and upfront cost normally associated with testing ideas, geographies and markets, enabling the rapid scale up and production of successful products to meet demand. It also improves supply chain efficiency and sustainability by working with local fulfilment partners to minimise shipping distances.
Retailers of all sizes have total flexibility: they can use the Moteefe platform either as a fully integrated end to end service, or just pick and choose the parts they need. And as Moteefe is white labelled, the retailer owns the customer relationship and can use the data to drive repeat sales.
“At a time when global retail has been suffering and supply chains have virtually ground to a halt, we have seen a doubling in users and strong customer demand for our retailers’ products. This increased demand enabled us to grow our team and increase our production throughput, benefitting our entire network and creating high quality jobs internationally,” said Mathijs Eefting, CEO of Moteefe. “We have moved beyond our original goal to help anyone set up a store and sell globally. We now are able to support innovative retailers of all sizes to respond to entirely new e-commerce demands and opportunities as customers continue to walk away from old fashioned brick and mortar sales store environments.”
Growth and momentum
Since the start of 2020, Moteefe has made significant leaps. It has expanded with 40 new hires and three new executives whose experience will support the company’s expansion and enterprise proposition: Head of Product Nir Ehrlich; People Director Abbas Jeraj and senior innovation leader Peter Dingle. Moteefe now boasts a network of 20 production and fulfilment partners across Europe, USA, Canada, Australia and Brazil, enabling retailers and entrepreneurs from around the world to easily tap international demand.
Showing 150% growth in H1 2020, other outputs since the start of the year include:
- Thousands of new merchants launched stores and started selling worldwide on the Moteefe platform which now supports 5,000 merchants
- Products have been sold and shipped into 166 countries
- Supply chain capacity has doubled as a result of integrating several new third-party manufacturers into the network to support tens of thousands orders per day
Eefting has recently been joined by Charlie Cannell, previously Digital Director at Inflexion, who has joined Moteefe as Chairman.
Business funding news
BGF invests £10 million in specialist engineering company, Polar Technology
BGF has announced a £10 million investment in Polar Technology, an Oxfordshire-based business which manufactures high-performance carbon and metal components…
BGF invests £14m in tech-led procurement business Bloom
BGF has invested £14 million in Bloom (Bloom Procurement Services), based in the North East and headquartered in Gateshead. Bloom…