Amify raises its first venture round on promise: to boost revenue for third party sellers on Amazon

TechCrunch | 3/20/2019 | Staff
TaylorShaye (Posted by) Level 3
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Small businesses have a complicated relationship with Amazon . While they fear the company because they have no control over it, Amazon’s platform is also a great way to reach shoppers, particularly small businesses that rise to the top of its results pages.

Amify, a nine-year-old, Alexandria, Va.-based company, says it can get them there, and investors are buying its pitch. As founder and CEO Ethan McAfee tells us, the 60-person company just raised $5.8 million in Series A funding — its first outside round — led by Mercury Fund, with participation from Dundee Venture Capital, CincyTech, SaaS Venture Capital and Capital One cofounder Nigel Morris.

McAfee - Shoestring - Operation - Suburban - Townhouse

It all started, McAfee says, with a shoestring operation run out of his suburban townhouse.

As a T. Rowe Price analyst straight out of college, McAfee went on to spend 11 years “doing the investment thing” before deciding that instead of investing in companies, he wanted to start his own. It was 2010 at the time, and Amazon was just beginning its evolution from a place to buy books and CDs into the everything store that it has become. At first, McAfee started selling pickleball paddles at the site from his home, before eventually adding various other items. When he’d established that “we’d gotten really good at it,” it occurred to him that he should sell what he’d learned about how to connect with shoppers on the platform, which was growing more crowded by the day.

Forward - Today - McAfee - Amify - Line

Fast forward to today, and McAfee says Amify now works with a long line of customers, from brands you might not recognize to household names like Fender guitars and Brooks, the century-old maker of running shoes, all of which pay Amify a percentage of their revenue in exchange for its services.

It would seemingly get expensive for the companies, which already pay Amazon...
(Excerpt) Read more at: TechCrunch
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