Moltin collects $8m Series A round led by Underscore

January 3, 2018

E-commerce software developer Moltin has collected an $8m Series A round led by Underscore VC.

Participation to the round also came from existing investors Connect Ventures and Frontline Ventures.

As part of the transaction, former-Demandware executive Jamus Driscoll has joined the company as CEO. While at Demandware, a commerce platform company, Driscoll held various executive roles and played a key part in its 2012 IPO and the $2.8bn acquisition by Salesforce in 2016.

Boston-headquartered Moltin provides an API-based e-commerce solution to help retailers digitise their store in a simple and flexible way. The API helps to connect the entire commerce system and provide holistic experiences through interactive digital displays, social media, smart televisions, video games and any other touchpoint.

Clients using the technology are able to implement a cross-platform shopping cart and digital checkout, inventory management, online orders, payment gateways, and data model control. The payment solution accepts transactions from over 200 countries and more than 100 gateways.

Underscore VC co-founder Michael Skok said, â€œWe are entering a new era of commerce and you wonâ€™t even see it. It will be invisibly embedded into our daily lives, without technology obscuring the brand experience. It will be completely seamless and just an API call for the developer. Itâ€™s this level of transformation that Moltin enables.â€

This investment brings Moltinâ€™s total funding efforts up to $10m. The company previously raised a $2m seed investment in 2016, led by Frontline Ventures and support from Funders Club and AngelList syndicate.

Last year, around 58 per cent of the capital invested in to payments and remittance companies went to ones focused on e-commerce. The sub-sector raised $6.978bn, while the second biggest area for funding was POS solutions, which raised 2.7bn.