Spreedly Raise

Written by
Justin Benson
Publication Date
October 26, 2015
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We're excited to announce that we have recently closed an additional funding round of $2.5 million, working with our existing investors E-Merge and also adding one of the founders of Ogone to our list of investors. 

E-Merge has provided us tremendous support over the the last two and a half years with their valuable insights based on the strength of their experience working with startups across a range of different verticals. This new round brings our total raised capital to just under $5 million.

When we (re-)launched Spreedly two and a half years ago we believed traction was the single most important thing. It's proof to the outside world ("people really use us!") and it motivates your team through the early slog via critical validation ("people really use us!"). With that in mind we focused our efforts on greenfield opportunities: startups and new projects where we didn't have to worry about a team switching out an old solution for ours. We also invested heavily in technology (developers and infrastructure) to build out a fully featured product as quickly as possible.

That strategy has proven fruitful. Today we have 9 developers and 3 business folks managing around 300 marketplaces and platforms generating nearly $2 billion in annualized processed volume spread evenly across a wide merchant base - up from $1 billion just a few months ago. We have strong organic revenue growth enabling us to stay firmly in control of our future.

Yet a lot has changed in the last two and a half years. When we launched we were ahead of our time, not in an iPhone way, but in an, "I just don't get it - why would anyone need Spreedly?" way. Patience is a virtue and the market is now coming to us, and with that are larger opportunities with different expectations.

We decided that we need to invest further in the business to maximize our ability to capture the opportunities the market is presenting. We need sales and business development people to manage the inbound flow and utilize the lessons learned to create outbound opportunities, and we need to add marketing skills so we don't remain the best kept secret in payments. Now world class infrastructure is more critical than ever because nothing is more important in payments than availability, and more support and development resources need to be added because they're competitive differentiators for us.

All of this is great news for our existing customers and our future customers and we hope you'll see the positive changes as we increase our resources. And of course, we're going to be looking for talented people for this next phase of growth so please contact us if you have any interest in working for Spreedly.

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