StoreConnect raises $9M in funding to revolutionize eCommerce and level the playing field for SMBs

StoreConnect raises $9M in funding to revolutionize eCommerce and level the playing field for SMBs

Time Stamp: August 22, 2023 7:10 PM
Source Node: 2229532

Despite the global e-commerce industry’s projected revenue of $6.3 trillion in 2023, small and medium-sized businesses (SMBs) continue to face challenges compared to industry giants like Amazon.

Within the e-commerce landscape, the industry has long been divided into two distinct groups: those requiring complex setups that involve external support and significant financial commitments, and seemingly straightforward “plug-and-play” alternatives. While these readily available options initially promise ease, they sometimes evolve into unreliable “plug-and-pray” solutions, leaving businesses in a bind.

Consequently, SMBs find it challenging to maintain growth and viability, facing the startling reality that 34% of online stores disappear within a year, with an average lifespan dwindling to just 143 days. In addition, the vast array of available apps or plugins in the marketplace places SMBs in the predicament of undergoing a time-consuming evaluation process to pinpoint the ideal fit.

This exhaustive selection process adds to their burdens, and it’s worth noting that it also contributes to slower page loading times. It’s against this backdrop that one tech startup is on a mission to level the playing field and revolutionize e-commerce for small businesses with tools that were once available to the big boys.

Enter StoreConnect, a Sydney, Australia e-commerce startup that aims to empower more than one million small businesses worldwide, liberating them from the complexities of intricate SaaS solutions and the perplexing array of plugin choices. StoreConnect sight is set on a vast total addressable market (TAM) exceeding $10 billion. By offering this newfound liberation, StoreConnect envisions that small and medium-sized businesses (SMBs) can foster unparalleled connections with their customer base.

To further expand its native Salesforce eCommerce solution platform, StoreConnect announced today that it has closed $9 million in a seed funding round, with Bellini Capital leading the investment efforts. The fresh capital infusion will enable StoreConnect’s mission of addressing the ongoing challenges in the e-commerce landscape, which StoreConnect CEO Mikel Lindsaar described as obstructing the growth and success of small and medium-sized businesses (SMBs).

This funding round is not only crucial for StoreConnect’s commitment to streamlining e-commerce complexities with its comprehensive solution but also for its capacity to break down barriers, enabling SMBs to engage with a broader customer base and fostering equity in the eCommerce domain.

StoreConnect also told TechStartups in an email that the company will use the funding to expand its global reach by “hiring a dynamic sales team, advancing technology to enhance customer experience, and expanding its partner network, which includes Salesforce solution integration partners.”

Founded in 2018 by serial technology entrepreneur Mikel Lindsaar, StoreConnect helps small businesses to break free of what the startup described as the shackles of  “Plugin Purgatory and SaaS Hell.” This liberation is due to the realization that SMBs don’t require multiple SaaS systems linked by plugins to efficiently handle their online, in-store POS, and in-person commerce needs.

“Many of today’s eCommerce solutions are designed to get up and running quickly and inevitably hit a brick wall of scalability as companies grow.”

Built on the world-leading CRM platform, the company’s innovative approach has already garnered the support of over 60 Salesforce Solution Integration partners in just 24 months—and is on an impressive run rate of $50 million by 2028.

Bellini Capital’s backing of StoreConnect goes beyond financial support. Arnie Bellini, the lead investor, also contributes a wealth of expertise to the venture. Recognized for his role in co-founding and leading ConnectWise, a widely utilized IT-managed services platform, Bellini’s influence is profound.

In his current capacity as the managing partner of Bellini Capital, a Tampa-based investment firm, he boldly asserts that current e-commerce solutions belong to a dated era, referencing around 2005. Undaunted by past constraints, Bellini firmly believes in StoreConnect’s potential to revolutionize the e-commerce landscape, customizing it to the unique needs of SMBs.

“StoreConnect aims to revolutionize how small businesses engage in online commerce, paving the way for a brighter and more prosperous future,” Bellini said.

Time Stamp:

More from TechStartups