eCommerce platform receives institutional backing from Origin Ventures
PHOENIX – Hammoq, an eCommerce operating system for resellers, today announced that it has closed a $3M financing round led by Origin Ventures with participants including Sierra Ventures, SaaS Ventures, and Silicon Road Ventures.
Hammoq is Shopify for online resellers.
Hammoq solves an acute problem for eCommerce business owners: bloated administrative tasks taking their time and energy away from sourcing and selling. The platform allows resellers to automate repetitive and time-consuming tasks that stifle their growth including auto-listing products, increasing traffic by cross-listing products across platforms, shipping, managing inventory, and beyond. Hundreds of eCommerce resellers use Hammoq to list their products across marketplaces including Amazon, eBay, Poshmark, Facebook Marketplace, Goat, Mercari, StockX, and many more. By automating these kinds of repetitive administrative tasks, Hammoq saves its users an average of 20-30 hours per week while increasing their sales 4x on average.
“As previous top resellers, we know that the best way to make money is getting products online: the more you list, the more you sell,” said Hammoq CEO and co-founder Sid Lunawat. “The time and effort spent listing and managing products, tracking down inventory, and managing P&L eats into throughput – and profits – substantially. We have built Hammoq to automate those repetitive and time-consuming processes, ease the burden on eCommerce resellers, and ultimately help them sell more products. We do it with only a few photos.”
“Hammoq is Shopify for online resellers,” said Prashant Shukla of Origin Ventures, who is joining the company’s Board. “The problems around sourcing, financing, marketing, and pricing for thousands of ‘power resellers’ are real, who have been underserved by eCommerce tools targeted at traditional online merchants. We’re excited to partner with this team as they take on this enormous opportunity around reseller infrastructure.”
“Growth in the reseller market is exploding,” said Hammoq co-founder & former reseller Ty Blunt. “Hammoq will facilitate that growth and enable the next generation of at-home entrepreneurs looking to sell more and sell faster. We are helping our customers power their businesses through their phones. What AirBnb, Uber, and Offerpad do in their markets, we do for resellers. We are selling pickaxes for this modern-day gold rush.”
The Phoenix-based company will use the new funding to expand its team and continue iterating on its product offerings – all with the goal of easing resellers’ lives and facilitating their businesses.
About Hammoq:
Hammoq is an eCommerce platform that allows resellers to spend less time on administrative tasks and more time sourcing and selling. Its software can list and cross-list products across multiple marketplaces in seconds, saving resellers time and money by automating a manual process. Hundreds of eCommerce businesses use Hammoq to streamline operations, automate repetitive tasks, increase product traffic, and earn more by working less. The team is led by machine vision expert Sid Lunawat and resale expert Ty Blunt.
About Origin Ventures:
Origin Ventures is an early-stage venture capital firm founded in 1999 that invests in high-growth technology companies creating software and marketplaces for the “Digital Native Economy.” Origin Ventures was an early investor in Grubhub, Cameo, BacklotCars, Tock, Tovala, 15Five, and other market leaders. The investment team members are all former operators and engineers with an average of 15 years of venture investing experience, with experience at Google, Twitter, SAP and Metromile, among others. Origin’s offices in Chicago and Salt Lake City provide access to opportunities in the U.S. and Canada.
SOURCE Hammoq
https://hammoq.com/
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