Tedooo raises $3 million to scale its social community for consumers and sellers
Tedooo, a Tel Aviv-based social community centered on the world of commerce, has raised $3 million in seed funding led by Stardom Ventures. The platform is designed to help and construct world buying and selling communities via partnerships between sellers and consumers. Currently, Tedooo’s important focus is on the needlework and DIY business in English-speaking nations.
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The firm was based in 2020 after CEO and co-founder Michelle Apelker collected 1000’s of enterprise playing cards whereas visiting a number of nations to trace manufacturers and kind partnerships. She determined to create a easy app for herself to handle the huge variety of manufacturers she established relationships with. The app was designed to permit her to request images of latest merchandise from corporations and store straight from them. She partnered along with her brother, Tedooo co-founder and CTO Mor Apelker to construct the app utilizing his 10 years of improvement expertise.
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While the app wasn’t publicly out there on the app retailer, Michelle says folks began asking her for entry to the app. After receiving suggestions on their mission, the couple determined to construct the corporate across the platform. Today, Tedooo has over 100,000 registered customers in over 150 nations. The firm says it has 1000’s of latest natural customers each week and plans to scale progress via advertising.
“We’re growing fast,” Michelle advised Thealike. “A month ago, about 100 people registered with us every day. Now we have 300 to 500 new registers every day. Things are changing very quickly and we think this organic pull shows that Tedooo is a promising platform.”
While searching Tedooo, you possibly can search and comply with the artists you have an interest in. You may view their catalog, costs, and new gadgets, after which message them on to buy the merchandise. Some Tedooo sellers additionally hyperlink their web site and Etsy to their Tedooo profile so consumers can purchase merchandise straight. There is a particular place for sellers to handle orders and provides from consumers. Michel says that at the moment customers can not full the fee course of on Tedooo, however the firm plans to create a system that enables funds to be made throughout the app.
In addition, one of many important options of Tedooo is the “Groups” characteristic, which permits customers to talk with different individuals who share their pursuits. These teams can be utilized to debate widespread pursuits in addition to share recommendations on doing enterprise in a selected business.
Some would possibly evaluate the platform to Etsy, however Michel says Tedooo is a social community, not an e-commerce platform. However, she says the 2 corporations share a typical viewers and an business that’s primarily the craft and DIY market. Michelle additionally famous that Etsy has a special enterprise mannequin than Tedooo. Tedooo doesn’t cost transaction charges and operates on a freemium mannequin.
The free model of the platform offers customers entry to a number of options, together with feed posts, chat, search, retailer listings, product catalogs, provides, opinions, and extra. Tedooo provides a $24.99 per 30 days subscription and entry to superior options. As a subscriber, you possibly can see who has considered your profile and have the ability to contact them about your merchandise. Premium customers are additionally routinely promoted in search outcomes. In addition, subscribers can hyperlink their e-commerce platforms like Etsy and eBay to their Tedooo profiles.
The firm’s $3 million oversigned seed funding spherical included $2 million from Stardom Ventures and $1 million from enterprise angels. Tedooo co-founder and president Tal Shoham mentioned the spherical was closed in 24 hours and that the corporate was receiving extra funding provides.
“In terms of what we are going to do with the funding, we are going to focus on developing the best product,” Shoham mentioned. “We are also going to invest in the team itself, HR, marketing and branding. But most of the money will be invested in the product and built on the features and technology behind it. About 70% will go to the product and about 30% will go to marketing.”
As for the longer term, Michelle and Shoham say that Tedooo goes to search for methods to enhance the platform to higher join folks to do enterprise and share recommendation with others. The firm is concentrated on creating further options designed to simply carry folks from all around the world into completely different communities. Tedooo additionally believes that it could possibly tremendously enhance the options and performance it has already constructed. While the corporate at the moment focuses on the DIY and craft business, Tedooo plans to broaden into further classes sooner or later.