Convictional Grabs $40M for Product Innovation

Convictional, a software company, announced on Thursday (February 17th) that it has completed a $ 40 million Series B fundraising round.

The company plans to use the funding to accelerate innovative products, expand sales and marketing, and expand the reach of automated business offerings (B2B).

YC Continuity has led Convictional’s efforts to fund Series B, and YC Continuity Managing Director Ali Rowgani joins Convictional’s board as part of the investment. All existing major Convinctional investors, including Lachy Groom and FundersClub, participated in the Series B round.

“Convictional is modernizing B2B commerce, greatly facilitating the integration of retailers and brands,” Rowgani said in a press release. “Drip shipping is a $ 100 billion + market in the US alone – and it’s just a fraction of the total wholesale capability they can service over time.

“The most interesting thing is that Convictional can help further expand that opportunity: the easier it is for buyers and sellers to work together, the more products they can both sell.”

Convictional helps retailers connect to new brands with their Dropshipp, Marketplace and wholesale apps through Shopify, WooCommerce and BigCommerce integrations in one click and the ability to connect legacy brands with CSV and EDI files.

According to a press release, the average vendor joins Convictional in 10 days, and retailers may include 20-30 brands per quarter.

“Retailers appreciate the speed and freedom that Convictional gives them to offer their customers a fresh and differentiated experience,” said Convictional co-founder and CEO Roger Kirknes. “It can be as simple as partnering with brands to benefit from the latest TikTok trend. EDI is the biggest hidden problem of retail; Persuasion is the solution. ”

Last year, Convictional also completed a Serie A funding round led by Lachi Groom.

Related: Compared to modern APIs, outdated EDIs are considered “irrelevant” and slow B2B transactions

EDI trades more than $ 5 trillion a year in B2B, which means that companies are largely “tied to a standard that is much more irrelevant but also unchanging,” Kirknes said in a recent interview with PYMNTS.

“As companies trade with each other, things have changed, [EDI] he doesn’t have time, ”he said.



About: Forty-two percent of U.S. consumers are more likely to open accounts with financial institutions that make it easy to transfer their bank details during registration. PYMNTS study Opening an account and servicing loans in a digital environmentsurveyed 2,300 consumers to explore how financial institutions can use open banking to attract customers and create a better account opening experience.

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