Nautical Commerce sails away with new funding to bring marketplace tech to the masses

Published by
Peter Kavinsky

E-commerce marketplaces are big businesses. It was estimated that some $3.2 trillion was spent globally on the top marketplaces in 2021, with those like Taobao, Tmall and Amazon accounting for over 60% of the activity, according to research firm Digital Commerce 360.

With that number expected to grow 14% per year, Nautical Commerce wants to provide tools to retailers, B2B businesses and brands of any size so they can build their own multivendor marketplace, in as little as 90 days and without expensive custom software, to compete with the mega marketplaces.

Prior to starting the company in 2020, founder and CEO Ryan Lee was with Apple and helped them launch Apple Pay. He explained that marketplaces can take 2 to 3 years to get off the ground and multiple millions of dollars, depending on the site.

When building them, companies typically string together their tech stack with apps and software that were intended for that kind of business. And even companies with large development teams and budgets have failed at launching or scaling a marketplace.

“We bring together all the stakeholders, like vendors, sellers, drop-shippers, affiliates, channels, and influencers without needing to replatform,” Lee told TechCrunch. “This makes marketplaces a very viable decision economically because it’s now approachable. We also do it in a phased approach to de-risk the project and make sure that we have very clear milestones to deliver economic value as fast as possible.”

As we learned this week with Shop Circle’s fundraise and others, like Upgrade, Fashinza and Faire, the number of companies providing e-commerce infrastructure exploded over the past 2 years as everyone did more shopping online.

Nautical Commerce’s multivendor marketplace dashboard Image Credits: Nautical Commerce

Though Lee would not disclose revenue figures, he said Nautical grew significantly over the past 6 months, going from zero revenue “to a very specific number.” It also added new customers internationally that span industry verticals like fashion, health, automotive, home goods, sustainable goods and manufacturing.

Then came the investor interest. Earlier this year, London & Partners and Dealroom.co reported that $51 billion of venture capital was invested into U.S. digital shopping companies in 2021, up from $23 billion in 2020. Globally, that was $140 billion last year compared with $68 billion the year prior.

Nautical Commerce is also now buoyed by $30 million in a new Series A investment, and the company plans to use the funds on technology development and to expand into new markets. It will also grow its engineering, product, customer success and sales and marketing teams, planning to add at least 40 new employees over the next 18 months.

The round, which gives the company about $33.2 million in total funding, was led by Drive Capital, with participation from Accomplice Ventures and Golden Ventures.

Next up, the company will continue onboarding the pipeline of about 30 new marketplaces and creating awareness in industries that Nautical wants to focus on and help digitize, Lee said.

As part of the investment, Drive’s Masha Khusid joins the Nautical board of directors.

“E-commerce is becoming more distributed and single-vendor platforms were not built for this multi-vendor future,” Khusid said in a statement. “Ryan and his team built the only multi-vendor e-commerce platform and are serving a huge need in the market. We’re impressed by what Nautical has already accomplished and are proud to enable them to deliver on their mission to democratize marketplace technology.”

Source: TechCrunch

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

Share
Published by
Peter Kavinsky

Recent Posts

  • News

What are the discounted products in the Agricultural Credit Cooperative Markets? When will the 2022 Agriculture Credit Market discount start, which products are on sale?

www.haberturk.com All rights of the articles, news, videos and photographs published on the website belong…

29 seconds ago
  • News

Texas High School Football Game On Friday Night UIL State Championship 2022

Click Here to Watch this High School Football Live Online for Free! Friday night in…

5 mins ago
  • News

Villigen AG: On the way back from Street Parade, two people (25) died in an accident.

A serious accident at Villigen AG killed two people shortly after 3:35 am on Sunday.…

11 mins ago
  • News

Chernihiv Polytechnic starts the academic year one month later

Chernihiv Polytechnic National University, which suffered under the Russian invasion, will start the new academic…

12 mins ago
  • News

Russia’s War Against Ukraine: A Chronicle of August 14

On February 24, 2022, at 4 a.m., Russian President Vladimir Putin announced a "special military…

14 mins ago
  • News

The International Stage of the Army Games-2022 Depth Competition Opens in Iran

Participation in Army Games has become not only an important event in the international military…

18 mins ago