By Aidan Corbett, Wayflyer CEO
Wayflyer began life as part of a pure data analytics company. We spent four years giving eCommerce clients guidance on how they could accelerate their growth but often they simply didn't have the capital. So we decided to provide the capital too. Since making our first advance in March of this year, the incredible demand for our analytics and financing services has exceeded even our own high expectations. To take this vision to the next level, I’m proud to announce that Wayflyer has completed its seed funding round. The $10.2 million equity capital raise was led by QED (Klarna, SoFi, NuBank), with SpeedInvest and Middlegame Ventures the other major participants. We’re thrilled to have these leading fintech funds onboard as we chart the next course of our growth.
I’m incredibly proud of what we’ve accomplished this year. Our growth trajectory puts Wayflyer on a path to reach profitability in 2021, a timeline that many would have considered extremely ambitious for a young company serving emerging sectors like eCommerce and Direct to Consumer (DTC).
With eCommerce poised to thrive in today’s digital-first environment, this infusion of capital will allow us to fund over 1,000 new scaling eCommerce stores while growing our capabilities to meet their needs. We’ll plan to meet customers where they are, by expanding into fast-growing markets like Australia and Canada.
At Wayflyer, everything we do is guided by our mission to eliminate the road blocks that stop promising eCommerce stores from reaching their potential. Our customers’ success is our success—and that’s not just a slogan. By providing funding without complex interest charges, loss of equity, or personal guarantees, Wayflyer’s success is directly tied to our ability to make a difference to growing brands’ bottom lines. So far, our track record speaks for itself: we have already helped over 100 businesses to exceed their revenue and growth goals. Even better, from the $25 million in total funding advanced, there have been zero defaults to date.
Ultimately, though, financing is only one piece of the puzzle. We recognise that many entrepreneurs lack the time and resources to closely analyse their marketing and sales data—so Wayflyer does it for them, for free. The Wayflyer team works closely with each brand to help them to better interpret their sales and marketing data, fine-tuning messaging and ad spend to drive conversions. This unique mix of funding and AI-driven marketing insights can empower even the earliest stage brands to take control of their business. In 2020, our team found that, after 90 days, funded brands outperformed their forecast by 78% on average. Motivated by these results, we are dedicating a portion of the capital raise to further developing these data tools to make them even more responsive and customisable.
The success of our seed funding round is another exciting milestone on this journey. We hope your organisation will join us. But this is just the beginning. We look forward to working with thousands of eCommerce stores globally, as they acquire new customers, add more product lines and expand to new markets. If you run an eCommerce store and are looking for a partner to help accelerate your growth, please join us!
Learn more about Wayflyer’s funding news here.