Soldsie Raises $4 Million in Series A to Power Social Selling
Led by First Round Capital, Funds Will Be Used to Make Strategic Hires, Develop New Products and Help Customers Grow Sales
SAN FRANCISCO, May 15, 2014-- Soldsie, the world’s first social selling service, today closed $4 million in a Series A round of financing, bringing the company’s total financing to $5.6 million. The round was led by First Round Capital, with participation from SoftTechVC, Lerer Ventures, Correlation Ventures, Great Oaks Ventures, e.Ventures, 500 startups, and other notable angels. The company will use the funds to build out their platform, expand their engineering and account management teams, and grow their relationships with large household brands and retailers. Soldsie has been working closely with a number of major retailers and plans to use funds for scaling onboarding to match demand. Brands and retailers interested in learning more should visit www.soldsie.com.
Soldsie helps modern retailers leverage Facebook and Instagram to grow online sales through social media posts and comments. The interactive experience also helps build a larger customer base and engage existing fans. Friends of buyers will be able to see that they have made a purchase and easily visit the sale to find out more about the shop and its products.
“We’re excited to have the support of our amazing investors. They bring sage experience in e-commerce and retail strategies that we can pass on to our customers,” said Chris Bennett, CEO and co-founder of Soldsie. “There is an extremely lucrative opportunity for businesses to grow their online sales by activating their social media channels right now. These new social channels are the future of commerce.”
With Soldsie, a business only has to upload a product photo to their fan page. Fans can then purchase the product instantly by commenting “Sold” on the post. Immediately thereafter, the buyer will receive an email invoice for their order, creating an effortless check-out experience for customers. They can easily pay with PayPal or a credit card. Soldsie is mobile friendly and works across all mobile devices. The product also provides timesaving tools like inventory management, automatic invoicing, and customer profiling. Finally, sellers receive personal support from their account manager and the client success team.
“Right when social commerce is heating up, Soldsie has built a modern and effective tool to help companies grow their online sales through new channels,” said Josh Kopelman, founder and partner at First Round Capital. “We were impressed by their strong traction, the quality of their comprehensive platform, and the founders' vision for transforming comment selling into an added profit center.”
In addition to First Round Capital, several notable angels also contributed to Soldsie’s round including Ken Landis, Richard Gernstein, Greg Kidd, Tom Kelly, Prosper Nwampka, Seth Ginns and Christine Herron.
The company is actively hiring to fill new strategic positions in product development, engineering, sales, and account management. Currently at 13 people, Soldsie seeks to grow the company to at least 25 people by the close of 2014. For a full list of positions, or to apply, visit http://soldsie.simplicant.com/.
To find out more about Soldsie visit www.soldsie.com today.
Soldsie is the standard for social selling. We use Facebook and Instagram to help the world’s most effective online retailers sell more right now.
Thousands of businesses use Soldsie every day to sell millions of dollars of merchandise. Social networks are your most promising sales channel. Isn’t it time you took them seriously?
Soldsie is a team of passionate technologists and retail mavens headquartered in San Francisco, California. To find out more about Soldsie visit www.soldsie.com today.
About First Round Capital
First Round is a seed-stage venture firm focused on building a vibrant community of technology entrepreneurs and companies, including Uber, Square and Warby Parker. Through custom-built software, incredible in-person experiences, and a host of other unique services, we help tiny companies get big while constantly reimagining the role of venture capital.
John Robert Reed, 512-567-9768
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