Staytuned reels in $34M for its e-commerce application suite

Staytuned reels in $34M for its e-commerce application suite

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Staytuned Digital Inc., a startup that provides store management software for online retailers, has secured $34 million in equity and debt financing.

Staytuned announced the financing round today. The round includes $9 million in equity funding that was raised from TenOneTen, Rembrandt VC and more than a half dozen other investors. Staytuned also received a $25 million credit line from Tacora Capital that it can optionally double in the future. 

New York-based Staytuned provides a suite of software tools for managing online stores. The startup mainly focuses on websites that run on Shopify Inc.’s namesake e-commerce platform. Shopify’s platform, which is used by millions of merchants worldwide, processed $61 billion worth of purchases last quarter. 

Staytuned has assembled its software suite through a combination of in-house product development and acquisitions. The eight tools in the suite cover a variety of use cases. Some focus on automating general store management tasks, while others cater to companies in specific markets such as the events industry.

Four of Staytuned’s eight tools focus on helping online retailers issue discounts to customers. One application, Moonship, uses machine learning to target website visitors with personalized discount offers. Another Staytuned tool called ADG enables retailers to mark down the price of products when a customer is about to complete a purchase.

The startup also offers more specialized features. One of its applications, Evey Events, can be used to sell event tickets and perform related tasks such as managing cancellations. Staytuned also offers a tool called Box Builder that allows shoppers to mix and match items into custom product bundles.

“We hope to become the Salesforce suite for ecommerce stores—an end-to-end suite to scale a fast-growing brand seamlessly within the Shopify ecosystem and beyond, where brands want to grow their presence and revenue,” said Staytuned co-founder and Chief Executive Officer Serge Kassardjian.

Staytuned says that its software suite is used by nearly 30,000 online retailers worldwide. Using the new financing round it announced today, the startup plans to grow its market presence by acquiring more Shopify applications. Staytuned will also hire additional engineers to speed up its in-house product development efforts.

Staytuned is one of several startups in the Shopify ecosystem that have raised funding over the past year. Triple Whale Inc., the developer of a website analytics tool for Shopify stores, secured $25 million from investors last month. Earlier, U.K.-based Shop Circle Ltd. raised $65 million to simplify day-to-day store management tasks. 

Image: Pixabay

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