Stirling tech outfit looks to raise funds for US expansion
● Software allows firms to list stock in multiple places ● Funding drive aided by Johnston Carmichael
A Stirling-based tech firm that manages online marketplace listings for retailers has embarked on a fund- raising drive as it eyes expansion in the US.
Seller Dynamics–which previously raised £1.2 million from sources including the Scottish Investment Bank and angel investors – is also planning improvements to its software to grow its customer base closer to home.
The firm has been develop - ing its technology, which is provided to retailers via a socalled“software as a service” model, since 2011. Its proprie - tarysoftw are allows businesses to list their stock on multiple market places, in cluding ebay, Tesco, Amazon and Rakuten, and on each of their international sites.
The system also automatically reprices items according to the vendor’s requirements and manages stock to ensure retailers do not oversell.
The company, which is now looking to raise in excess of £1 m, has more than 100 customers ranging from owneroperated independent businesses to major high street names.
Founder and managing director Alex Ogilvi es aid: “There has been a rapid growth of marketplace e-commerce around the world. Amazon alone lists over one billion items around the globe and has over 300 million buyers at any one time.
“What our soft ware does is give one point of contact for retailers for all of their marketplace sales. Maximising global reach also helps retailers to increase their sales and profits.”
He added: “If you look at the US, abouthalf of all online sales take place through Amazon. There is a fantastic opportunity for us in the States.”
Lyn Calder, corporate finance director at accountancy firm and business adviser Johnston Car michael, which is working with Seller Dynamicsto support its investment drive, said: “The growth in online marketplaces is extremely exciting.
“With its clever software… Seller Dynamics has the potential to become a global business.
“We welcome theopp ortu ni tyto support the firm’ s f undraising drive and we’re confident there will be strong interest among the investor community in the company’s ambitious plans to expand in the US.”
During its last financial year, Seller Dynamics increased its income by 80 percent compared with the previous year and is seeking to develop its distribution in the US on the back of increased inquiries.