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QuoteMachine raises $3.7M to help retailers close the sale

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Oct 17, 2023
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QuoteMachine, a retail software platform designed to help turn customer-retailer interactions into sales, closed a $3.7 million seed, CEO JD Rocheteau tells Axios exclusively.

Why it matters: QuoteMachine is focused on delivering a seamless customer experience — which can make all the difference when it comes to making a sale.

Details: The round was led by Manresa Ventures, with Clocktower Technology Ventures and Precursor Ventures participating.

  • The Montreal-based company has raised $4.6 million to date.

How it works: QuoteMachine operates as a type of customer relationship management platform for retailers selling big-ticket items.

  • For example, a customer looking to buy a hot tub would likely want to visit a showroom and have a conversation before making a purchase.
  • "The only tools they have to actually help them in this process is usually a point-of-sale system that's only there to take payments," Rocheteau says.
  • Using QuoteMachine, retailers can create a personalized micro-site where customers can see the products and recommendations.
  • "That microsite is transactional and that's going to be the link between you and the store or the salesperson you talk to until you're ready to actually finalize the purchase," Rocheteau says.

What's next: New funds will go toward launching new payment solutions, like buy now, pay later, as well as augmenting its inventory management capabilities.

  • "We have some flexibility in the way we want to spend the capital we have," he says.
  • But should it hit its growth targets, the company will plan to raise for a Series A sometime next year, he says.

Zoom in: QuoteMachine's goal is to make sure that staff in stores and retail businesses can follow up and maintain communication with customers.

  • "The best way to make a sale, to build trust, is to get the human in the loop," Rocheteau adds.

Zoom out: This becomes a platform where a merchant can offer additional services, like insurance, because "you create a space between the consumer and the retailer to exchange information," Rocheteau says.

By the numbers: The company says it has enabled C$40 million in gross merchandise value on a monthly basis in the past six months.

  • About 60% of its sales conversations are converted into sales, either in-store or online.
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