New eCommerce marketing and insights platform MikMak is giving major brands insight into their e-commerce customers. The New York-based startup will now be strengthened by a $10 million Series A round of funding.
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Founder and CEO Rachel Tipograph formed the startup in 2014 as a “QVC for Snapchat,” but the company pivoted to its current business in 2017, Tipograph told Crunchbase News.
MikMak enables traditional brick-and-mortar brands, such as Colgate, Dreyer’s Grand Ice Cream and Hershey’s, to manage their online retail strategies by gaining real-time insights and a holistic view of activity across major online retailers like Amazon, Target and Walmart, as well as online media.
Wavecrest Growth Partners led the round, which included existing investors Luminari Capital and Brave Ventures, as well as new investors Lunch Partners, Madrona Venture Group, Brett Hurt, Jonathan Opdyke, John Roswech, David Shim and Harry Kargman. To date, MikMak has raised $14 million, which includes $4 million in previous capital raises, according to Crunchbase data.
As part of the investment, Wavecrest Growth Partners’ Co-Founder Deepak Sindwani joined the MikMak board of directors. In a written statement, he said Tipograph “…has a deep understanding of how to support and grow multichannel brands across all areas of their business.”
Tipograph was not planning on raising money—MikMak has been cash flow positive since 2018, but after the global pandemic, the company began attracting VC attention, she said.
“Consumer demand for e-commerce expanded by five years overnight, positively impacting our revenue 50 percent from March to present day,” Tipograph said. “My business was growing faster than I imagined. All of a sudden, I had an opportunity to dominate the market. When VCs started salivating over our business metrics, I decided to be opportunistic.”
MikMak will use the new funding to gain market share, advance its product roadmap, expand its retail footprint, offer services to international companies and invest in product development. Tipograph is also hiring and plans to triple the size of the company before the end of the year from its current employee base of about 60 employees.
MikMak is one of the latest e-commerce platforms to receive funding. Earlier this month, we wrote about:
- CALA, raising a $3 million seed round to launch fashion brands,
- Scalefast, which announced a $22 million Series B round of funding to help brands launch an e-store in as little as 15 days, and
- Ecwid, a software-as-a-service e-commerce company that helps small businesses establish a digital storefront in a matter of hours, said it raised a $42 million round of funding.
Meanwhile, the company is poised to take advantage of the growing mobile e-commerce market valued at $250 billion, as well as expand globally, adding customer support and sales people in new regions, including Europe and Latin America.
“Huge brands wanted a brick-and-mortar first presence and now they need to shift to online-first,” Tipograph added. “All of this IT money is moving into the tech stack market, which I am part of, and it is helping my business achieve what I had planned for the end of 2021, to happen in 2020.”
Illustration: Li-Anne Dias