ShopLocket Raises $1 Million in Funding to Grow its Team and Power the Next Wave of E-commerce

Posted by Andrea Wahbe

Just three months ago, Toronto-based startup ShopLocket officially launched in open beta with a goal to turn the traditional destination commerce model on its head.

Today, the company announced that it has raised $1 million in seed funding, led by Rho Canada Ventures and Valar Ventures, the global investment vehicle backed by Peter Thiel that is making its first investment in a Canadian startup.

Other participants include BDC Capital, Relay Ventures, Extreme Venture Partnersand a group of private investors.

“The funding will be used primarily to grow the team,” says ShopLocket CEO and co-founder Katherine Hague whose 22nd birthday is just a few days away. “We've been a team of three for the past four months, and will now be bringing on three to four new hires. We're focused on serving our rapidly growing user base and are developing new features and improved flows to help our sellers be even more successful.”

ShopLocket, which recently graduated from the first cohort of Toronto-based accelerator Extreme Startups, has made selling online to fans and followers as easy as sharing a link or embedding a YouTube video. Sellers can simply share their products for purchase on popular social media sites like Facebook, Twitter, Pinterest or any existing blog or website. There is no need to setup a storefront and sellers don’t have to submit their product to an unprofessional or expensive marketplace.

According to Hague, we’re about to experience a shift in the way consumers buy and sell products online. “E-commerce will no longer be reserved for marketplaces and storefronts. Instead products will find us; on blogs, websites, and in our newsfeeds — just as naturally as the videos and photos we share today,” she says.

To showcase the company’s evolution as a startup, ShopLocket has just launched an interactive timeline which highlights some of its major milestones. You can check it out here. Techvibes will be watching closely to see how the story unfolds.

Company:
Rho Canada
Website:
http://www.rho.com
Location:
Montréal, Québec, Canada

Rho Canada, based in Montreal, is dedicated to backing leading, early-stage technology-based companies in Canada. Formed in 2006, Rho Canada is affiliated with Rho Ventures in the US and leverages off Rho Ventures' 25+ years of experience in investing in venture-stage companies. The Rho Canada team is led by Jeff Grammer and Antoine Paquin, serial entrepreneurs who have previously successfully built, as CEO's, a... more

Company:
ShopLocket
Website:
http://www.shoplocket.com
Location:
Toronto, Ontario, Canada

ShopLocket lets anyone start selling professionally online in minutes. Simply publish a product, embed it in any website, Facebook page, or blog post, and start collecting orders. Finally, selling online is as simple as it should be. more

Company:
Extreme Startups
Website:
http://www.extremestartups.com
Location:
Toronto, Ontario, Canada

Extreme Startups is a venture backed startup accelerator that supercharges founder development, optimizes product-market fit and graduates fundable companies. Our evolved programs provide an unrivaled combination of seed capital (up to $250K), digital product leadership education and access to a global pool of mentors. Investors and financial partners include Business Development Bank of Canada (BDC), Relay... more


blog comments powered by Disqus

Andrea Wahbe

Andrea Wahbe

Andrea Wahbe is a freelance B2B marketing strategist and corporate storyteller who has contributed to the growth of online media businesses in Canada, such as AOL and Google. By day, Andrea writes about digital media and marketing trends and tips for Canadian startups and SMEs. By night, she’s an analog book reader, master swimmer and experimental chef.  more



Who's Hiring



Recent Comments

Powered by Disqus