We have been patiently sitting on this news for a couple of weeks now whilst we waited to conclude all of the formalities involved in raising funding. This however means that we’re really excited to finally share this news today. 🙂
Conversio (previously Receiptful) has raised $500k in an angel round of funding from a group of incredible investors, including Matt Mullenweg (Founder, Automattic & WordPress), Joel Gascoigne (Founder, Buffer), Vinny Lingham (Founder, Gyft), Andrew Wilkinson (Founder, Metalab) and Collis & Cyan Ta’eed (Co-founders, Envato). (Full investor list on our AngelList profile.)
This represents not only a major milestone for us, but also validation that our hard work is paying off.
We started building Conversio with only an idea and the notion that receipts are indeed a missed marketing opportunity.
We did this without having any (known) benchmarks in the Ecommerce industry or the ability to point to something else in a “Conversio is almost like that, but here’s why we’re different…”-way. This meant we had to build our own case study and social proof over time.
Today we can emphatically say that our supercharged receipts has generated almost $100 000 USD in additional revenue across about 300 000 receipts.
And the exciting thing is that we feel like we’ve just gotten started, which has been evident in the acceleration of the additional revenue we’ve been generating.
To support our plans of really creating our imagined vision of what a supercharged e-mail receipt could (and should) look like, we knew that we were going to need some time; both to get the product right, but also to build the data and social proof around this opportunity.
We thus decided to raise an angel round of funding that would support that vision, which has also meant taking a moonshot and keeping our receipts completely free to use.
These funds powers our roadmap (and the growth thereof) for the next 12 months, which means focusing primarily on creating value for our customers first and only thereafter pursuing revenue of our own.
It is also important for us to mention revenue in the same conversation when talking about our fundraising. Whilst we have delayed our revenues to date, our strategy going forward is very clear: the best way we can keep growing Conversio is by growing significant revenue streams and then augmenting that with possible future funding rounds.
As of writing this, we’re a day or two away from beta testing our first paid product, Recommendations, with a handful of Conversio customers. If all goes well, this will be publicly available in the first week of June, at which time we’ll also switch revenue on. This will also be shortly followed with our next paid products that further spans across the various interactions and channels of an Ecommerce customer’s journey. Conversio is thus not only a receipts company even though our supercharged receipts are what has driven our growth to date.
We believe that this gives us the best-possible opportunity to build a lasting company and product that isn’t just another technology fly-by-night. In this sense, we have made ourselves responsible for our customers’ success and have tasked ourselves with building the marketing tools that will help grow our customers’ businesses.
We’re here to grow your Customer Lifetime Value and make you more money.
And this is only the next step (and milestone) among many that should follow in the next year.