On Tuesday, LA-based Scalefast announced that it raised a $22 million Series B funding round. This new funding will help the company as it positions itself for its next stage of growth.
Scalefast is a company that helps brands create an e-commerce presence and sell their products directly to consumers online. The company has built a platform that manages a brand’s e-commerce operations and includes other important financial functions, including record-keeping, fulfillment, payment, fraud protection, tax management and more. The company says that it’s able to get a brand’s online store up and running in as little as 15 days.
A number of large brands use Scalefast’s platform, including L’Oréal, FLIR and Square Enix.
Consumer brands from every industry have been transitioning to e-commerce for the past few years, but the recent COVID-19 pandemic has only sped things up. Now even more companies are realizing just how important it is to sell their products online, and it’ll be an essential part of operating a direct-to-consumer brand.
Scalefast’s customer portfolio has seen a 200 percent year-over-year increase, and the company hopes this funding will help it continue its growth. The company says it’ll use the new funding to expand its team and footprint. It also will invest the capital to develop more features for its platform.
“As brands have had to adapt quickly to a new reality over the past few months, the need for rapid digital transformation that allows retailers and brands much needed flexibility to scale has never been more critical,” founder and CEO Nicolas Stehlé said in a statement. “With this latest fundraise, we are able to uniquely position Scalefast to provide the necessary tools for a flawless direct-to-consumer experience unhindered by third parties.”
