Malomo — a Black-founded information technology startup company that specializes in e-commerce — announced that it raised a $2.8 million seed round today to expand its services and provide a new marketing channel for the Shopify retailers, TechCrunch reports.
Financing for the round was led by San Francisco-based firm, Base10 Partners, as well as New York’s Harlem Capital.
According to Harlem Capital, the announcement comes as “the largest Seed round by a Black founder in Indiana to date.”
We are excited to announce our investment in @gomalomo $2.8mm Seed round, the largest Seed round by a Black founder in Indiana to date. The round was led by three underrepresented funds with us, @Base10Partners and @VitalizeVC https://t.co/HZDfaVnqLH
— Harlem Capital (@HarlemCapital) October 2, 2020
Founder and CEO Yaw Aning shared that this funding round will help the startup resolve issues retail clients experience when working with shipping companies and offer a better customer experience.
“One thing that our clients kept complaining about was how hard it was to control the customer experience after someone bought,” he said in a blog post. “Platforms like Shopify made it really easy to get people to the buy button, but once they handed off the experience to Fedex or UPS, they constantly felt like the experience fell short.”
He added: “Today, I’m excited to announce we closed a $2.7M seed round to fix those problems and enable the future of post-purchase.”
In addition to its lead investors, Harlem Capital and Base 10 Partners, Malomo also received funding from Irish Angels, Triple Map Ventures, Hyde Park Venture Partners, and High Alpha Capital.
Moreover, Aning shared that Malomo had a “fantastic syndicate of angel investors join the round with deep experience in this space,” including:
- Jamie Sutton — co-founder of Shopify Plus
- Oisin O’Connor and Rob Barr — founders of Recharge
- Ben Jabbawy — founder of Privy
- TJ Mahony — seed investor in Klaviyo
- Shonduras McBride and Sean Holladay — Spacestation founders and Youtube influencers
- Paul Singh — former partner at 500 Startups
- Rick Wittenbraker — ex-head of marketing Yeti
- Dylan Whitman — founder of BVAccel
- Steve Weiss — CEO of MuteSix
- Chris Bennett — founder of 97th Floor
- Will Bumpus Jr.
- Jon Bassett — partner at NextGen Venture Partners
Since its launch last year, Malomo has tracked four million shipments, enabled millions of customer experiences for merchants like Rhone, Summersalt, Magic Spoon, and others, as well as helped merchants drive millions of dollars in repeat revenue from their post-purchase experience, a blog post shares.
According to Aning, his company’s goal is to “help brands build relationships with consumers.”
“We want to help brands turn shipping from a cost-center — full of headaches and problems – into a high-performance marketing channel that builds trust and drives revenue,” he added.
For more information on Malomo’s seed round, click here.