- Smartrr announced it raised $10 million in funding. These are the details.
Smartrr – one of the most advanced subscription technology in the Shopify ecosystem – announced that it has raised $10 million in Series A funding to accelerate its mission to transform one-time buyers into long-term brand champions. This Series A round – which was led by Canvas Ventures with participation from seed round leads Expa and Nyca – brings Smartrr’s total fundraising to $17 million.
Through its latest investments, Smartrr said it will continue its mission to provide subscription technology that serves as a lifetime value tool for brands at every stage of their growth. And using Smartrr’s comprehensive solution, Shopify brands can offer customizable subscriptions, bundles, loyalty programs, rewards, early access to new products, and discounts to delight customers and maintain recurring revenue.
Just two years in the making, 28-year-old Gabriella and the Smartrr team have not only found significant product-market fit, grown to over 30 employees and counting, gone public on the Shopify app store, and serviced hundreds of high-growth brands. And most recently, Gabriella and Smartrr have earned several prestigious titles such as Forbes 30 under 30, The Information’s 50 Promising Startups, and BuiltIn’s best place to work in NYC and the US.
“After hundreds of market research interviews with Shopify brands, we uncovered that one of their most significant pain points was implementing seamless subscriptions. Beyond that, we realized there was an untapped opportunity in how brands engage with what is, in actuality, their most loyal customer base. Smartrr is challenging the traditional subscription offering and redefining what it means to be a subscriber of a brand. We are excited about our product’s power to reinvigorate the e-commerce experience for brands’ loyal subscriber base. Amidst rising acquisition costs and potential economic uncertainty, our new and existing partners realize the value of recurring revenue and understand online brands will be searching for a solution that rewards customers for their loyalty and drives repeat purchases more than ever. That’s where we come in.”
— Gabriella Tegen, Founder, and CEO of Smartrr
“Canvas Ventures is thrilled to partner with the Smartrr team and lead their Series A. Shopify brands using Smartrr see impactful results, more than doubling their subscription revenue in their first 60 days on the platform. While Smartrr got its start in subscription management, we really see them as a leader in an emerging ‘post-purchase operating system’ for growing digital brands. From our first meeting, we’ve been impressed with what Gabriella has built as well as the high-caliber team she has assembled.”
— Harrison Lieberfarb