Storenvy offers tools for sellers to build custom stores and a socially equipped Marketplace that surfaces products to buyers. The company positions itself as a discovery-driven commerce destination for indie brands and aims to be a large style destination. Since launching the Marketplace, Storenvy reports more than 30,000 merchants and over 500,000 registered users. The Marketplace generates about $1 million in monthly sales and accounts for roughly 50% of the site’s sales. CEO Jon Crawford plans to use new funding to expand the team and scale merchant acquisition, targeting 200,000 stores by 2014. The company was started in 2008 out of Crawford’s garage in Kansas City, Missouri. Storenvy operates a hybrid product that is both a custom-storefront builder and an e-commerce discovery network aimed at visually-driven, creative sellers. The platform allows sellers to build custom marketplaces and scale them as part of the Storenvy network, including a Storenvy Facebook app. The company monetizes through premium features such as storefront upgrades, custom domains at $4.99/month and advanced discount features at $2.99/month. At the time of the article Storenvy hosts 23,000 stores, has nine employees, is reporting 400% annual growth in transaction volume and is bringing in over $1 million a month in sales across the network. Founder Jon Crawford says the strategy is to “get to scale” and aims to be the default place to set up an online store. To support growth the company has raised $1.53 million from investors including Spark Capital, First Round Capital, Kleiner Perkins Caufield & Byers and Charles River Ventures; it is hiring and has added former Tumblr president John Maloney to its board while planning to add more board members.

Total raised

$7M

Funding rounds

2

Latest round

Series A

Latest activity

Feb 2013