Pantastic, a provider of e-commerce tools, raises $18M
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Pantastic, which provides e-commerce tools and services to independent brands, raised $18 million in equity and debt financing led by B Capital Group.
Why it matters: Indie brands, which boast more sustainable, locally sourced production methods and ingredients, are experiencing rapid growth along with the companies that empower them.
- Proceeds from the financing will fund the acquisition of Shopify apps, the company's co-founder and CEO Scott Rafer tells me.
- Commerce Ventures is also participating in the financing round. B Capital Chairman Howard Morgan will join the company's board.
Between the lines: Pantastic's pitch is that it can help indies compete with large e-commerce operators by providing a marketplace where they can gather together rather than sell their wares on their own.
- The e-commerce tools provider also says it safeguards these brands' data and creations, as it does not have its own private label program that could potentially compete with these small businesses.
Details: Pantastic has already struck deals with Spently and CartHook.
- Spently is a Canada-based provider of transactional email templates for Shopify.
- CartHook, based in Portland, Oregon, helps storefronts create post-purchase offers.
The bottom line: "Indie brands continue to grow at a rapid rate, and Pantastic will continue to empower them with post-purchase solutions that give them more leverage to grow their online businesses," Rafer said.
- He declined to comment on the company's valuation, revenue or growth rate.
