Montréal-based retail tech startup QuoteMachine has raised $3.7 million in new seed financing as the startup looks to personalize the online selling experience for merchants.
The investment was led by San Francisco-based Manresa Ventures, with participation from Clocktower Technology Ventures and Precursor Ventures. It comes more than two years after the startup raised $1 million CAD in a round led by Telegraph Hill Capital, Maple Leaf Angels’ fund MLA48 III, Real Ventures, and other angel investors. To date, QuoteMachine has raised $4.6 million.
“Our goal is to emerge as the main sales software powering SMB commerce that places the human touch at the heart of their sales experience.”
Founded in 2018, QuoteMachine has developed software aimed to help retailers take custom big-ticket sales online and deliver more streamlined and personalized sales experiences, from quoting to order fulfillment and payment.
The startup noted that selling big-ticket items is a complex process that has traditionally been handled either manually or by outdated software. By offering “transactional microsites,” QuoteMachine says customers can make an initial deposit online, and subsequent installments are then captured by the merchant without requiring the customer’s presence.
“Our goal is to emerge as the main sales software powering SMB commerce that places the human touch at the heart of their sales experience,” JD Rocheteau, co-founder and CEO of QuoteMachine, said in a statement.
Rocheteau and fellow co-founder and CTO Jonathan Muschalle both hail from Montréal-based retail tech firm Lightspeed; Rocheteau served as a software engineer and product manager at the now-public company, while Muschalle worked as a software architect and development manager. QuoteMachine’s offering also integrates with Lightspeed’s Commerce’s marketplace, as well as with Shopify.
“The founders at QuoteMachine have an extensive background building sophisticated payments systems, and they saw an opportunity to remove friction and increase efficiency in an untouched $5B market,” Jackson Gates, managing partner at Manresa Ventures, said in a statement. “We are thrilled to be investing in them and the company.”
The new funding follows a significant period of growth for QuoteMachine: the startup claimed its team size has more than doubled in the last six months, and the company is now handling $40 million in gross merchandise value on a monthly basis.
QuoteMachine said it intends to use the new capital to grow its go-to-market teams, as well as launch new payment solutions and inventory management capabilities.
Feature image courtesy QuoteMachine.