- The New York-based company, Staytuned, provides a range of software tools for managing online stores.
- Evey Events is one of its applications, and it can be used to manage cancellations and sell event tickets.
A startup called Staytuned Digital Inc., which offers store management software to online retailers, has gotten USD 34 million in debt and equity financing.
Recently, the company made its financing round public. TenOneTen, Rembrandt VC, and over 12 other investors collectively contributed nine million dollars in equity funding to the round. It also got a USD 25 million credit line from Tacora Capital, which can increase later.
Staytuned, based in New York City, offers online store management software. The startup mainly prioritizes websites which utilize the e-commerce platform used by Shopify Inc. Millions of merchants use Shopify’s platform, which handled USD 61 billion worth of transactions in the most recent quarter.
The software suite of Staytuned was put together using a combination of internal product development and acquisitions. The eight tools in the suite cover a range of use cases. Some automate routine store management tasks, while others serve businesses in niche industries like the events sector.
Four of the eight tools are designed to assist online retailers in providing customer discounts. Moonship is a machine learning-powered application used to target website visitors with customized discount offers. Retailers can mark down the price of goods when a customer is about to complete a purchase, thanks to another tool called ADG.
Additionally, the startup provides more advanced features. With the help of one of its applications, Evey Events, retailers can sell event tickets and carry out related tasks like handling cancellations. Customers can create their own product bundles using the Box Builder tool that Staytuned provides.
Serge Kassardjian, Co-founder and Chief Executive Officer, said, “We hope to become the Salesforce suite for e-commerce stores—an end-to-end suite to scale a fast-growing brand seamlessly within the Shopify ecosystem and beyond, where brands want to grow their presence and revenue.”
Nearly 30,000 online retailers use the software suite from Staytuned, according to the company. The startup intends to expand its market presence by acquiring more Shopify applications using the new financing round it recently announced. In order to accelerate its in-house product development efforts, it will also hire more engineers.
One of many startups in the Shopify ecosystem that have raised money in the last 12 months is the startup in question. The creator of a website analytics tool for Shopify stores, Triple Whale Inc., raised USD 25 million last month from investors. Shop Circle Ltd., based in the UK, raised USD 65 million earlier to streamline day-to-day store management tasks.