Swedish e-commerce platform Tictail has raised $8 million funding in Series A led by Thrive Capital. Company also announced the number of stores opened via the platform reached 35,000, representing a sharp rise from 23,000 in summer 2013. The money will, of course, be used in international expansion, to start with the opening of an office in New York.
Tictail provides a very easy-to-use platform for ‘indie’ retailers and brands to open their full-fledged but affordable-to-maintain online shops in seconds. Store owners on Tictail can customize their pages using tools and apps provided by the company.
Stockholm-based company launched its App Store in mid-2013, offering productivity and functionality add-ons and services for the store owners, with prices ranging from 0 to $20. Third-party developers are welcome to sell their products in the Tictail App Store against a 30 percent commission left to Tictail. These features include creating discount vouches, back-in-stock alerts, additional visuals etc.
Otherwise, most of the Tictail usage is based on freemium model, including setting up the basic storefront. Carl Waldekranz who founded the startup in 2011 together with three of his friends, defines the platform as a “community” where independent designers, DIYers, craftspeople meet and sell their products to a like-minded client base.
In late-2012, the company had closed its first (seed) funding of $1.6 million and simultaneously launched a subscription service for users to sign up for updates from their favourite stores on the site. Currently, Tictail stores and sales come mostly from Northern Europe and UK. New funding will let the company to pursue Waldekranz’s goal, which is “making the company as big as eBay and Rakuten”, according to a BBC interview.