Convictional Announces $ 6.7 Million Series A Funding

“If you know what EDI means, you will know why Convictional has to exist. Billions of dollars in global trade are communicated using technology created during WWII,” said Lachy Groom, an early employee. of Stripe who also invested in Notion. and Figma.

Convictional plans to use the funds to invest primarily in research and development of its supplier activation platform and the growth of its network of connected suppliers and retailers.

“Retailers are often embarrassed to force their suppliers to go down the obstacle course that is EDI,” said Roger kirkness, co-founder and CEO of Convictional. “Our mission is to level the playing field by connecting suppliers and their buyers, regardless of the systems they use. Just click a button to integrate, then start trading. “

Corporate retailers such as Staples, Equinox, Scandiborn and Harry rosen rely on Convictional’s infrastructure to do business with third-party vendors. Using Convictional allows them to expand their online and in-store assortments, reduce inventory risk and onboard new suppliers more quickly.

Convictional’s technology and network enable corporate retailers to market a wide range of new brands and products. Some Convictional clients have launched new categories and organized their own B2C and B2B digital marketplaces.

“As an organized retailer, Convictional has allowed us to unlock new categories, such as grooming, without the inventory costs. We plan to use Convictional to integrate brands in other categories including watches, fitness equipment and clothing, and home. Their platform seamlessly facilitates all onboarding, onboarding and transaction processes with our brand partners, ”said Ian rosen, digital director of Harry rosen. “We have partnered with Convictional to add new and exclusive products to our stores, allowing customers to try or test products in store, make a purchase and have them shipped directly from the supplier,” said Brian Coupland, senior vice president of merchandising, Staples US Retail.

At the same time, Convictional is paving the way for Direct-to-Consumer Selling (DTC) brands to build B2B relationships with enterprise retailers without the cost and complexity of traditional EDI.

Sandro Pugliese, Head of International Sales and Business Development for Psycho Bunny, says: “As more consumers turn to online shopping, the Convictional platform facilitates and automates back-end B2B processes. “

Retailers and brands have historically used Electronic Data Interchange (EDI), a pre-Internet data protocol and format, to transact with each other. EDI represents more than $ 5,000 billion B2B commerce value in transaction volume, but is incompatible with modern sellers who use application programming interface (API) based e-commerce platforms like Shopify.

Joining the tour includes Claire Johnson, Chief Operating Officer of Stripe; Scott belsky, Adobe product manager; Dave Cheesewright, former CEO of Walmart International; Ram Shriram, former member of Alphabet’s board of directors; WndrCo; Zigg Capital, and other leading operators.

The co-founders of Convictional, Roger kirkness and Chris Grouchy, are both former Shopify Plus team members who helped launch the Shopify wholesale channel. Together, they hope to democratize B2B commerce and empower businesses to automate and integrate commerce, regardless of size or technical expertise.

SOURCE Conviction

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