WordPress, Buffer and Gyft founders unite to lead angel investment into Receiptful
2 min read
14 May 2015
A $500,000 angel funding round has been closed by Recriptful, an ecommerce-geared technology business that helps users send better email receipts to customers.
Amongst the company’s new crop of angel investors are Automattic and WordPress founder Matt Mullenweg, Buffer founder Joel Gascoigne, Gyft founder Vinny Lingham, Metalab founder Andrew Wilkinson and Envato co-founders Collis and Cyan Ta’eed.
According to a statement, the Receiptful API has generated nearly $100,000 of additional revenue from some 300,000 receipts. Included in email receipts are personalised marketing messages and up-sells, all targeted at increasing a customers’ lifetime value. The technology also has a recommendation algorithm that analyses customer behaviour.
Adii Pienaar, founder of Receiptful, said: “We started building Receiptful with only an idea and the notion that receipts are indeed a missed marketing opportunity. We did this without having any (known) benchmarks in the ecommerce industry or the ability to point to something else.
“To support our plans of creating our imagined vision of what a supercharged email receipt could (and should) look like, we knew that we were going to need some time; both to get the product right, but also to build the data and social proof around this opportunity. We thus decided to raise an angel round of funding that would support that vision, which has also meant taking a moonshot and keeping our receipts completely free to use.”
Read more on angel funding rounds:
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- Former Tesco boss Terry Leahy invests in Jamie True’s new venture WorkAngel
- Jon Moulton and Betfair’s Ed Wray unite to back residential crowdfunding platform
The funds will be used to fund growth for the next year, focusing on customer satisfaction first and revenues thereafter.
Going forward, Receiptful is a few days away from beta testing its first paid product. After that, further paid addition paid products that span across “the various interactions and channels of an ecommerce customer’s journey”. In line with its strategy, this will be backed up by keeping its receipts free.
While Receiptful is a UK corporation, it does not have headquarters and describes itself as being distributed across the globe through a group of remote workers. Prior to setting up the company, Pienaar founded WooThemes and WooCommerce.