Social commerce platform secures additional £1m investment from Livingbridge

Moteefe, the social commerce platform that allows entrepreneurs to sell customised products through social media, has secured further investment from private equity firm Livingbridge.

Livingbridge first invested £500k in the London-based start up in 2017 and has now provided an additional £1m as part of Moteefe’s latest funding round.

A recent survey found that mobile devices accounted for over half (54%) of retail transactions in the UK during the first quarter of 2018.

Companies such as Moteefe enable entrepreneurs to interact with their customer base quickly, generate customisable products and take advantage of trending topics to get their products to market in days rather than weeks.

Moteefe’s platform allows entrepreneurs to upload their own designs and bring these ideas to life with over 40 different products to customise. As a result, the business launched over 350,000 campaigns for customers in 2017 with thousands of sellers worldwide.

The deal has been led by Livingbridge Growth, which invests equity of up to £5m.

Livingbridge’s latest investment will enable Moteefe to continue to scale its tech platform and to grow its user base.

Mathijs Eefting, CEO of Moteefe, commented: “10 years ago, you would have needed significant investment, real estate and other overheads in order to create your brand. Now, with our platform, you can customise and promote your own brand in just a few steps, and then sell it through social media.

“We are a rapidly growing business and this investment, alongside the guidance from Livingbridge’s experienced team, will help us scale our business and take advantage of the changing face of social commerce.”

Steve Cordiner, investment director at Livingbridge, added: “We are really excited about Moteefe and this area of the market. The impact of technology has been significant to consumer behaviour, and we are seeing the consequences of this on the high street.

“There has been a complete change in the way we shop, and increasingly with the influencer market, there is even more of a desire to promote your own personal brand. Moteefe provides a platform that recognises this change in consumer behaviour, and already has 1000s of sellers globally.

“Our aim is to find high-growth companies that are pioneers of change, and are disrupting the market.”