Expandly, a company known for its innovative eCommerce software facilitating multi-channel retailing worldwide, has closed a substantial £580,000 funding round.
This investment round was led by Mercia Fund Managers and is set to create five new jobs. It includes a notable £250,000 from the MEIF Proof of Concept & Early Stage Fund, managed by Mercia for the Midlands Engine Investment Fund, another £250,000 from Mercia’s EIS Fund, with the remaining amount from angel investors.
Expandly, based in Milton Keynes, was founded in 2013 by IT consultant Alan Wilson, who recognised the challenges faced by small firms trading online across various platforms. The company’s software, launched three years later, provides a central platform for managing product listings, inventory, and order fulfilment on marketplaces like eBay, Amazon, and Etsy. The company is chaired by Steve Robinson, the former CEO of Tesco Direct.
Wilson described the investment as a significant milestone for the company, its investors, and customers, emphasizing plans to use the funds for team development, product advancement, and accelerated growth. “It’s an exciting time in the eCommerce industry and we’re ready to take advantage,” he stated.
Expandly has recently been selected for a Microsoft programme supporting start-ups, with plans to sell the software through Microsoft resellers. The investment will bolster the company’s sales and marketing team and aid in the development of new channel partners.
Lewis Stringer, senior relationship manager at the British Business Bank for MEIF, highlighted the importance of securing appropriate finance at crucial stages for innovative technology businesses like Expandly to scale up and develop fully by hiring new staff. “We’re extremely happy to see MEIF funds flowing across the Midlands and would encourage other businesses looking for investment to contact our fund managers,” he added.
Legal advice for Mercia was provided by Tom Gray of Fraser Brown in Nottingham. The Midlands Engine Investment Fund project benefits from financial support by the European Union, utilising funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
This noteworthy investment marks a pivotal moment for Expandly, positioning the company for significant growth and enhanced service delivery in the eCommerce sector.