Canadian retail software startup, QuoteMachine, has raised a CA$3.7 million seed round from Manresa Ventures, Clocktower Technology Ventures and Precursor Ventures. The Tech Factor dives into the details of the news.
QuoteMachine, a Montreal-based retail software startup, has successfully closed CA$3.7 million in its seed round. Manresa Ventures led the round, while Clocktower Technology Ventures and Precursor Ventures also participated. As per company release, it has raised a total funding of US$4.6 million till date. It plans to use the fresh capital to launch new payment products, provide new inventory management tools, and expand its team.
The company offers a sales software platform for enabling retailers to scale their high-ticket sales and customized customer-facing experiences. The team says that this includes efficient quoting, invoicing, ordering, as well as payment services. Market reports indicate that customers now expect personalization by default, and lack of it is now considered a gap. The retail categories where the company focuses are primarily those that rely on high-touch & personalized sales. Specifically, these include categories like home and design, pools & spas, and high-end furniture.
In the past, these merchants had to process unnecessary paperwork, accept card payments over the phone, and reconcile numerous payments across various systems. QuoteMachine is trying to empower these salespeople to create more intricate, personalized customer experiences. Further, it says that it also provides a frictionless in-house payment solution, replacing manual, antiquated processes.
According to JD Rocheteau, CEO of QuoteMachine, the company aims to become the leading sales software enabling SMB commerce. He further added that they place human touch at the heart of their sales experience.
“SMB retailers are in a unique position to satisfy the demand for personalization from their customers. Our team is aware of this and will enable retailers to provide a new benchmark for outstanding customer service at scale.”
JD Rocheteau, CEO of QuoteMachine
QuoteMachine enables new-age payments for retailers
Traditionally, antiquated software or labor-intensive paper procedures have plagued big-ticket item sales. As per the company, understanding the needs of the customer is complex and usually involves the seller’s expertise. Against this backdrop, QuoteMachine offers a proprietary concept of transactional microsites, which it believes enables the company to convert any in-person or online conversation into a sale.
Retailers can use QuoteMachine to manage large-ticket sales by utilizing a variety of payment options. The company claims that this enables procurement and inventory management solutions that allow salespeople to provide more intricate, personalized customer experiences via an in-house payment solution. With QuoteMachine, customers can make an initial deposit online via the microsite, and subsequent installments are then captured by the merchant without the customer’s presence as is customary.
The company claims that its seamless customer experience has helped increase revenue in both B2C and B2B environments. Moreover, the company says that it can create impact irrespective of how complex a merchant’s goods, services, or workflow are. At the present time, the majority of QuoteMachine’s merchants are located in the US.
The company also shared some insight into its traction and success. The number of employees at QuoteMachine has more than doubled over the past six months, and the business now manages a monthly GMV of CA$40 million. Approximately 60% of the sales conversations QuoteMachine supports result in transactions, either in-person or online.
JD Rocheteau and Jonathan Muschalle founded the company in 2018. It has been supported earlier by FounderFuel, Telegraph Hill Capital, Maple Leaf Angels and District 3.
