Some Background on the Company
When one starts a business in the US, it can often receive initial funding through a website like Kickstarter or, more traditionally, through venture capital investors that put money behind one’s mission. But Kickfurther aims to take that a step further by allowing the average person to invest in the inventory for any company on the platform they choose. The result? More customer involvement in the manufacturing process and more of the products that the customers of the startup company desire.
What the Funding Will Do for the Company
The company has already seen much success, with their most recent round of funding being led by Grand Oaks Capital, with contributions from previous investors Tim Draper through Draper Associates and venture capitalist Bill Tai. Those names may not be household names, but their investments are: The people putting their money behind Kickfurther are the same people who are investors in Robinhood, Tesla, Twitter, DocuSign, Canva, and others.
On top of all that, the startup company also announced that John Donovan, co-founder and former Lending Club chief operating officer, would join the business as its chief strategy officer.
What Those Inside the Company Have to Say
Sean De Clercq, the chief executive officer of Kickfurther, said that the money would go toward expanding the offerings of the company and building on its ability to support startup business online.
“Working closely with Tom [Golisano, of Grand Oaks Capital] and John provides us incredible insight into their rich expertise in eCommerce and entrepreneurial excellence,” said De Clercq. “This funding round will help accelerate our expansion and allow us to invest more into resources that will help small business entrepreneurs grow.”
The Market in Which the Company Sits
The startup company says it is poised to take advantage of a booming ecommerce industry that grew by 44% in 2020, as well as a factoring services business that is worth an estimated $3 trillion. In a press release, the startup company said that, in the age of Amazon, Walmart, and other billion-dollar corporations dominating much of the ecommerce business, it could be difficult for smaller retailers to find funding.
Summary and Takeaways for the Company
Golisano said that Kickfurther is filling an important need and is well-positioned to make a significant difference in the space.
“I’m really excited to lead this latest funding round for Kickfurther. This round will accelerate Kickfurther’s already tremendous growth and help them increase the breadth and scope of support they provide to entrepreneurs,” he said.
With all of this considered, it certainly seems that Kickfurther is in the right place to make a difference in the ecommerce space. But the most recent funding for the company will likely not only help the company, but the wider business community it serves as well.
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.