Expandly Secures £580K in Funding
Marketplace management tool Expandly has closed a funding round totalling over half a million U.K. pounds.
The round was led by Mercia Fund Managers. It includes £250k from the MEIF Proof of Concept & Early Stage Fund which is managed by Mercia for the Midlands Engine Investment Fund, £250k from Mercia's EIS Fund and the remainder from angel investors.
The company intends to use the funds, creating five new jobs, to develop the sales and marketing teams, advance the product and accelerate growth.
Founded in 2013 by CEO Alan Wilson, Expandly makes it more accessible for retailers to sell on different marketplaces such as eBay, Amazon and Etsy by providing a central platform where they can manage all their product listings and inventory, and process and fulfil orders.
The company – chaired by the former CEO of Tesco Direct, Steve Robinson – was recently selected by Microsoft for its program to support startups and the software will be sold via some Microsoft resellers.