Ireland-based provider of e-commerce growth platform Wayflyer scored $76m in Series A funding.
The round was led by Left Lane Capital, with participation from DST Global, QED Investors, Speedinvest and Zinal Growth led by Guillaume Pousaz, founder of Checkout.com.
Wayflyer also expanded its debt facilities by an additional $100m and recently signed a major partnership with Adobe Commerce in a move that will further increase its capital deployment capabilities.
The round comes after Wayflyer raised $10.2m in seed capital in a funding round led by QED Investors, with contributions from Middlegame Ventures, Speedinvest and Fintech Growth Fund Europe last October.
With e-commerce sales expected to hit $4.2tn in 2021, funds from the round will be used to support Wayflyer’s product development and international expansion. The business is set to enter multiple new markets in the coming months.
Founded in 2019 by co-founders Aidan Corbett and Jack Pierse, Wayflyer provides a revenue-based financing and growth platform to e-commerce merchants., offering a range of financing and marketing analytics solutions to access working capital, improve cash flow and drive sales. The company’s free analytics platform also analyses marketing performance on a daily basis, equipping e-commerce businesses with data and tangible, tangible insights designed to improve performance.
Wayflyer saw its business grow 290% over the past 6 months deploying over $150m of funding across its three core markets – the US, UK and Australia.
To date, Wayflyer has advanced over $150m to companies. Among the Irish firms to receive funding advances through the company’s platform are Gym + Coffee, Ambr Eyewear and the ebike sharing scheme, Moby.
Commenting o the round, Wayflyer CEO Aidan Corbett said, “We exist to help e-commerce businesses grow, and reduce the traditional barriers they face as they scale. Our rapid growth since launch demonstrates the strength of this proposition and our relentless focus on customer service, and we’ve only just scratched the surface of this enormous market. The number of direct-to-consumer brands launching every day continues to amaze us and we’re excited about the next stage of our mission to become the go-to-growth platform for merchants looking to realize their potential.”
Left Lane Capital partner Dan Ahrens added, “Wayflyer has quickly become a key player in the eCommerce ecosystem by solving the biggest challenge facing merchants. They have unlocked growth for many entrepreneurs, and their strong customer reviews show that they are a deeply trusted partner of many leading brands.”
Last month, Wayflyer partnered with Adobe Commerce, which offers companies a product that provides an end-to-end platform for dealing with customers. The partnership meant that hundreds of thousands of eCommerce businesses using Adobe Commerce will have access to financing from Wayflyer.
This sector has been attracting much investor attention as earlier this month, Settle raised $15m in a Series A funding round led by Kleiner Perkins to give e-commerce and consumer packaged goods companies access to non-dilutive capital.
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