Instant raises $18 million to expand eCommerce solutions

Instant, an eCommerce retention marketing platform, has successfully raised $18 million in a Series A funding round aimed at enhancing its automation capabilities to boost revenue for online brands.

Led by Hummingbird Ventures, the Series A round values Instant at over $100 million. The funding will support the company in its international expansion and focus on developing automation within retention marketing.

The platform is designed to address the issue of eCommerce visitors leaving without purchasing, a concern highlighted by Liam Millward, co-founder and Chief Executive Officer of Instant. "98% of eCommerce visitors leave without making a purchase - most brands have no idea who they are," he said. "Instant changes that. By unlocking lost shoppers and converting them into loyal customers, Instant drives repeat revenue at scale."

Instant's technology automatically triggers emails when potential buyers abandon their shopping carts, with an aim to enhance customer conversion rates. Following its funding success, Instant expanded its offerings from a single tool to a comprehensive suite used by numerous eCommerce brands worldwide. Brands such as July Luggage, Peppermayo, Fayt the Label, Toys R Us, STAX, and Ally Fashion have integrated Instant into their retention strategies.

Some of Instant's clients, including members of its 'Million Dollar Club' like The Collagen Co, have reported substantial revenue increases attributed to the platform. The Collagen Co, for instance, has added over $1 million in revenue within a year of using Instant.

Regarding the rapid growth, Millward stated, "Our growth has exploded over the past year, taking our revenue from zero to $1 million ARR in just six months. We're adding over $1 million in revenue every single month, and this fundraise allows us to grow even faster, by accelerating product development and continuing our focus on self-service capabilities, which are critical for scaling in North America."

The investment marks Hummingbird Ventures' first venture in Australia, signifying a milestone for both the firm and Instant. "We are excited to partner with the Instant team on their journey to redefine e-commerce," said Akshay Mehra, APAC Lead Investor at Hummingbird Ventures. "The founders embody the relentless drive and ingenuity we seek, with a clear focus on solving a critical challenge for digital brands. We're proud that this marks Hummingbird's first investment in Australia and believe Instant is the perfect partner to kick off our journey in the region."

Alongside Hummingbird Ventures, existing investors Blackbird, TEN13, and Reinventure have continued their backing. "This fundraise comes off the back of an impressive year for Instant," remarked Max Meyer, Principal at Blackbird. "The team's combination of blistering speed and steadfast vision has seen them deliver a brand new product that customers love in less than 12 months. It's one of the fastest-growing products we have seen at Blackbird. We're excited to continue supporting Liam, Will and the Instant team's vision to become the world's first end-to-end automated marketing manager."

Instant is in the process of expanding its workforce, particularly in product and engineering, to maintain its momentum. The company's aims involve enhancing its global reach, tripling its revenue growth, and increasing headcount as it continues to innovate in retention marketing automation.