We are delighted to announce our investment in Moteefe, a social commerce platform that allows entrepreneurs to seamlessly sell customised products through social media.
We first invested £500k in the London-based start up in 2017 and have now provided an additional £1m as part of Moteefe’s latest funding round.
With traditional bricks and mortar retailers facing economic headwinds and a recent survey finding that mobile devices alone accounted for over half (54%) of retail transactions in the UK during the first quarter of 2018*, there are now more options than ever for young and talented entrepreneurs to develop their own brands by using social media platforms as an easy and effective route to market.
Companies such as Moteefe have lowered these barriers to entry even further, enabling a new generation of entrepreneurs to interact with their customer base quickly, generate customisable products and take advantage of trending topics to get their products to market in days rather than weeks.
By plugging into the growing influencer market, Moteefe’s platform allows entrepreneurs to upload their own designs and bring these ideas to life with over 40 different products to customise. As a result, the business launched over 350,000 campaigns for customers in 2017 with 1000s of sellers worldwide.
The investment has come from our Livingbridge Growth Fund, which invests equity of up to £5m, backing founders with bold ambitions for the future. It provides entrepreneurs with transformational capital and expertise to accelerate business potential.
The Livingbridge Growth Fund first invested £500k in the London-based start up in 2017. Our latest investment in the business will enable Moteefe to continue to scale its tech platform and to grow its user base.
The deal builds on our experience in international ecommerce following previous investments in online cycling retailer Wiggle, Direct Ferries and rental car business Traveljigsaw as well as more recent investments in online fashion marketplace SilkFred and the motorbike marketplace Superbike Factory.
CEO of Moteefe, Mathijs Eefting commented:
“10 years ago, you would have needed significant investment, real estate and other overheads in order to create your brand. Now, with our platform, you can customise and promote your own brand in just a few steps, and then sell it through social media. We are a rapidly growing business and this investment, alongside the guidance from Livingbridge’s experienced team, will help us scale our business and take advantage of the changing face of social commerce.”
Steve Cordiner, Investment Director at Livingbridge added:
“We are really excited about Moteefe and this area of the market. The impact of technology has been significant to consumer behaviour, and we are seeing the consequences of this on the high street. There has been a complete change in the way we shop, and increasingly with the influencer market, there is even more of a desire to promote your own personal brand. Moteefe provides a platform that recognises this change in consumer behaviour, and already has 1000s of sellers globally. Our aim is to find high-growth companies that are pioneers of change, and are disrupting the market.”
*Criteo’s Q1 Global Commerce Review 17 May