Member Article

Newcastle’s moltin secures $2m in seed funding

A Newcastle-based eCommerce platform for developers, agencies, and retailers, has closed $2m in seed funding, led by investors Frontline Ventures and Gil Dibner’s AngelList Syndicate.

The tech firm began in 2013 when three developers fell tired of working in agencies and wanted to create something themselves.

The company will use the funding to develop its technology further. moltin’s application programming interface (API) framework allows developers to quickly deploy scalable inventory, checkout, payments, and more to any device, whether web-based, mobile, VR, or IoT.

With over 5,000 people using moltin, the seed capital will be used to further the moltin technology and build partnerships to capitalise on grow interest from global brands, as multi-channel retail continues to grow.

Cofounder Adam Sturrock explained to Bdaily: “Moltin started as a ‘scratch your own itch’ response to years of working in agencies and experiencing the problems brands were having with existing eCommerce platforms. Jamie Holdroyd, Chris Roach and I ended up quitting our jobs and applying to Ignite100 at the end of 2013.

“Projects regularly went over budget and time, simple changes were expensive and a time consuming task to amend or update. Other platforms also didn’t give the scope to build distributed or native apps for a reasonable cost.

“APIs are breaking industries open in every corner, and it almost seemed bizarre that eCommerce was yet to feel the same game-changing set of benefits. We know we’re only just scratching the surface of what’s possible with Moltin.”

He added: “Moltin is aimed at developers, agencies and brands who have been burned with existing systems and need a solution that will work now and in the future.

“There’s no denying the scope of what we’re doing but the funding will definitely begin to help us realise our ambitions.”