NEW YORK--(BUSINESS WIRE)--Smartrr, the most advanced subscription technology in the Shopify ecosystem, today 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. The Series A round, led by Canvas Ventures with participation from seed round leads Expa and Nyca, brings Smartrr’s total fundraising to $17M.
Through its latest investments, Smartrr will continue its mission to provide subscription technology that serves as a lifetime value tool for brands at every stage of their growth. 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.
“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, “ said Gabriella Tegen, Founder, and CEO of Smartrr. “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.”
“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,” explains Harrison Lieberfarb.“From our first meeting, we’ve been impressed with what Gabriella has built as well as the high-caliber team she has assembled.”
Just two years in the making, 28-year-old Gabriella and the Smartrr team have not only found significant product-market fit, grown to 30+ employees and counting, gone public on the Shopify app store, and serviced hundreds of high-growth brands. 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.
Smartrr is the leading next-generation subscription app for Shopify brands. Built with your end customer in mind, Smartrr increases brand engagement and customer lifetime value with a variety of out-of-the-box subscription models, a beautifully branded subscriber account experience, member-only benefits, and more. Preferred by the likes of high-growth brands such as Lemme, Neuro, Starface, Stix, and Jolie, who have seen an average of 5X more sales over the lifetime of a subscriber. Visit Smartrr.com to learn more, and follow us on LinkedIn, Twitter, and Instagram.
About Canvas Ventures
Founded in 2013, Canvas Ventures is a boutique venture capital firm based in the San Francisco Bay Area with $835 million in assets under management. Canvas leads Series A investments in key businesses that fundamentally fuel economic growth. Our key sectors are ones where we have deep go-to-market (GTM) expertise and proven wins, including digital health, fintech, marketplaces, and infrastructure/SaaS. Rebecca Lynn, Paul Hsiao, Mike Ghaffary, and Gary Little serve as the firm’s general partners. They are also known for investments made prior to joining Canvas, including Lending Club(LC), Doximity (DOCS), MuleSoft (MULE), Check (acquired by Intuit), Upwork (UPWK), and Houzz. For more information, visit us at www.canvas.vc.