Soldsie enables businesses to sell directly to Facebook fans and Instagram followers by letting customers comment “SOLD” (or “sold” with an email on Instagram) to initiate purchases. Consumers register once with the Soldsie app so merchants can access their email for invoicing; businesses then email invoices and customers pay via PayPal or credit card. On the backend Soldsie provides tools for tracking sales, invoices, inventory and managing the invoicing process. The company reports strong traction: about 1,500 sellers and north of $25 million in transactions, roughly three times year-over-year, with a reported 70% conversion rate after commenters write “sold” and 70% of checkouts occurring via mobile. Soldsie generates revenue by taking a small cut of each transaction plus a monthly minimum starting at $150, and says it is still experimenting with pricing. With the new funding the company plans to scale the product, hire (growing the team from 13 to 25 by year-end), and expand the platform to two more platforms by the end of 2014. Soldsie offers a Facebook comments-based point-of-sale product that lets merchants sell items by having customers type “sold” in the comments; the platform automates invoicing and stores payment details for future purchases. The company has automated order parsing (including quantities, sizes, and attributes) and inventory tracking based on comment activity. Soldsie is expanding integrations with fulfillment and e-commerce platforms such as ShipStation (beta), Stamps.com, and Shopify, and plans to launch an open API in April. Its merchants see an average selling price of about $25, and Soldsie reports over $1 million in transactions per month and more than 100,000 customers to date. With the new funding the team plans continued product development, marketing initiatives, and headcount growth across engineering, marketing, and sales. The company operates a San Francisco-based team of seven that will be expanded with the raise.

Total raised

$5M

Funding rounds

2

Latest round

Series A

Latest activity

May 2014