London-based social commerce platform Moteefe has raised $2.2 million in seed funding. The investors included Charles Songhurst, Livingbridge, Force Over Mass Capital, Fuel Ventures and Ascension Ventures.
London, 12th September 2017: London-based startup Moteefe, a social commerce platform that enables entrepreneurs to sell custom clothing and merchandise via social media, has unveiled its new website after recently closing a seed+ round of $2.2 million (£1.75 million), bringing its total investment to $2.5 million.
With the new round of VC and Angel investors including Charles Songhurst, Livingbridge and Force Over Mass Capital, as well as reinvestment from Fuel Ventures and Ascension Ventures, the second round of funding will be used to drive growth not only in Europe but in various new markets around the world.
Designed with entrepreneurs in mind, Moteefe allows anyone to instantly create custom clothing and merchandise to sell online and via social media. Removing the need to purchase costly stock in advance, users such as social commerce entrepreneurs, influencers, brands and clubs can monetise social media audiences by uploading designs to the platform for free, choosing products and setting the retail price before driving traffic to their creations.
The new platform, released last week, sees a complete overhaul of the frontend with a re-designed website with multi-product builder, new product offerings and a lower pricing structure, as well as an updated look and feel. Aimed to help both existing and new users, the platform now has an intuitive and easy-to-use flow based on extensive UX/UI research.
Alongside the new platform, a number of hashtags such as #BossingIt and #MakeItHappen are now being used to encourage entrepreneurs to use the platform. Bringing in elements of social media with a hashtag as a key part of the new logo, the rebrand further ties in with the notion of creating and selling custom products via social media.
CEO Mathijs Eefting comments: “Moteefe has used the last 6 months to rapidly grow the business, beginning internally with our core product of the platform itself. We’ve shown that we can deliver strong growth in 2016 and early 2017, and the latest round of investment will be used to attract thousands of entrepreneurs to the new and improved platform.
“Gone are the days of the traditional 9-5 – according to Forbes, 50% of the US workforce are set to class themselves as freelancers by 2020. Moteefe allows anyone, anywhere to become their own boss. All they need is a bunch of great ideas, internet access and the drive to succeed.
“Social media is changing the way that people buy online – it’s much more impulse-driven and we’re in that space offering entrepreneurs a new and exciting way to make money that is put in front of and appeals to the right people.”
In the coming months, Moteefe plans to use the latest round of funding to release a number of technical features and a wider product offering, as well as expanding their marketing resources to educate new users and help them sell thousands of items each month.
Eefting comments: “We’re seeing huge growth in these markets where traditional workplaces are being replaced with other flexible options. Moteefe allows entrepreneurs to live a ‘laptop lifestyle’ around the world, making it perfect for digital nomads and those who don’t want the rigid confines of the office. The new Moteefe platform provides our users with the ability to build campaigns even faster, enabling these entrepreneurs to move quickly and increase their profits.”
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Launched in late 2015 and with thousands of sales through the site in 2016 – its second full year of operating – the social commerce platform has now seen a large portion of sellers hit the £50K mark in under six months. Moteefe is currently used extensively in the European and Asian territories and heavily focuses on the immediate time-to-market and selling via social media sides of creating custom products.
On the customer side of Moteefe, potential buyers are mostly targeted through social media advertisements according to their interests, location, political views and so on, most often via Facebook. However, one large area of growth is custom merchandise designed and promoted by social media influencers and taking social commerce across a range of social media platforms such as Instagram, Youtube and even Snapchat.