Nautical Commerce Inc., an online marketplace technology provider to B2B and retail companies, has raised $30 million in venture capital to help fund its growth, it said today.
CEO and founder Ryan Lee describes Nautical’s technology as a “multi-vendor” platform.
He says it’s “built to power all the stakeholders that a modern commerce company has to deal with including vendors, sellers, drop-shippers, affiliates, channels, influencers, and more without needing to replatform.” Nautical’s marketplace technology platform was designed with “end-to-end” integration between ecommerce transactions, online payments and logistics services, enabling marketplace operators to use all three to process and fulfill orders without having to do extensive software development, Lee says.
‘Democratize marketplace technology’
Drive Capital led the Series A funding round. Additional investors include prior financial backers Accomplice Ventures and Golden Ventures.
“We’re impressed by what Nautical has already accomplished and are proud to enable them to deliver on their mission to democratize marketplace technology,” says Masha Khusid a partner at Drive Capital, who will join Nautical’s board of directors.
Nautical says it will use the $30 million to “further develop its multi-vendor marketplace platform.”
It will also “expand its reach into new markets, and grow its engineering product, ‘customer success,’ and sales and marketing teams.”
Nautical doesn’t release revenue or other financial information. But it reports “significant growth over the past six months.”
That includes “a notable increase in revenue and then addition of new customers.”
Those customers come from the United States, Canada, United Arab Emirates, Australia and France. They span several industry verticals such as fashion, health, automotive, home goods, sustainable goods, and manufacturing.
Lee founded Nautical Commerce in the spring of 2020. Before Nautical, he helped to launch Apple Pay while at Apple Inc. and led product development at Visa Inc. In other positions, Lee was the chief product officer at fintech firm Modo Payments and the head of financial management and payments at logistics firm Turvo, according to his LinkedIn profile.
Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week. It covers technology and business trends in the growing B2B ecommerce industry. Contact editor Paul Demery at [email protected] and follow him on Twitter @pdemery.
Follow us on LinkedIn and be the first to know when new Digital Commerce 360 B2B News content is published.Favorite