When you go to a store you can safely assume a few things: that there is a checkout line and that it will not be hard to find. Online shopping, on the other hand, does not always have these given assumptions and Shoppable is looking to change this. Their universal checkout technology is paving the way for a more simplified online shopping experience as well as an easier selling experience. Shoppable is looking to make the whole Internet “shoppable”; making our lives a whole lot easier in the process.
Today we sit down with with CEO Heather Marie to chat about the startup’s most recent round of funding and future plans.
Who were your investors and how much did you raise?
We raised $3.5M in our Series A round.
Tell us about your product or service.
Shoppable is a marketplace with patent-pending universal checkout technology that we license to publishers, advertisers, brands, and blogs to provide an affiliate commerce business but with the increasingly important benefit of access to the marketing data.
What inspired you to start the company?
I started Shoppable because I was frustrated with the lack of simplicity in online shopping, but the company took on a form of its own as we continued to grow. Shoppable has become what it is today because of market demand.
Since Shoppable was the first to create the technology in the space, we opened several doors early on and we worked with our clients from inception to design and development of a product which digital publishers and bloggers had been trying to find for years.
What market you are targeting and how big is it?
Affiliate marketing is projected to grow to more than $6.8B by 2020 according to Forrester.
What’s your business model?
We’re a SaaS business with commissions on sales.
How has your company’s experience with 500 Startups shaped its trajectory?
500Startups was an incredible experience but one of the biggest value is the 500Startup network and private forums with years of founder and advisors’ advice. The network has absolutely provided numerous opportunities, introductions, and advice on best practices.
What was the funding process like?
This round was interesting because we had a conscious intention to focus on sales and profitability when the opportunity from a strategic investor presented itself.
What factors about your business led your investors to write the check?
Our round was led by a strategic investor and partner which we’ll announce soon.
What are the milestones you plan to achieve in the next six months?
We’ll add millions of additional product SKUs to our marketplace hitting a goal of 30 million in 2016. We’ll also start to expand internationally in Q4.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
You don’t need to raise from investors to grow. My advice is to focus on revenue. Make sure the entire company knows the #1 goal is revenue and make sure that everything they are doing is aligned with that goal.
Where do you see the company going now over the near term?
We’re very focused on expanding our distribution, including launching internationally, and catching up on the wait list of merchants to join the Shoppable marketplace.
Where is your favorite bar in the city for an after work drink?
Loopty Doopty in Battery Park or Smith & Mills in Tribeca are my favorite spots in the summer. Rose Bar is one of my favorite places when the weather starts to get cool.
