CPE News (3/29/2021) – QuoteMachine has raised $1 million in seed funding led by Telegraph Hill Capital (THCAP) with participation of Maple Leaf Angels’ fund MLA48 III, Real Ventures, and other private investors.
Varun Dalal, Principal at Telegraph Hill Capital, will join board of directors.
Founded by JD Rocheteau and Jonathan Muschalle, QuoteMachine is a customer relationship management software (CRM) for retail that streamlines and brings a personalized, human experience to the customer journey. QuoteMachine enables merchants to take custom big-ticket sales online and integrate with their inventory, saving them time, money and building trust and loyalty with customers.
The new funding will enable QuoteMachine to greatly expand partnerships with major digital sales platforms.
photo credit: QuoteMachine
News Release
QuoteMachine raises $1M CAD to bring human connection back to digital commerce
Montreal, Canada (March 29, 2021) — QuoteMachine, a Montreal-based retail software company that aims to bring human connection back to the centre of digital commerce, announced a $1 million CAD seed round today to grow its team and expand partnerships with retail software platforms.
Founded in 2018 by former Lightspeed product leaders, JD Rocheteau and Jonathan Muschalle, QuoteMachine strives to become the customer relationship management platform (CRM) for big-ticket retailers. Its digital solutions seamlessly integrate with cloud-based sales platforms like Lightspeed to enable retailers with complex sales processes (think interior designers or bike shops) to deliver high-value, personalized sales experiences and convert in-store conversations into online sales.
This $1M CAD funding round will enable QuoteMachine to greatly expand partnerships with major digital sales platforms so their retail clients can close more omnichannel sales. Software platforms currently partnering with QuoteMachine have seen a 30% increase in their merchants’ gross merchandise revenue (GMV) once integrated. Growing the product team will further enable the expansion of the platform’s communications channels so that sales associates can interact with customers via online chat, messaging apps and video, and also embrace new post-Covid trends like shop by appointment and in-store pickup.
THCAP led the round, joined by the Maple Leaf Angels’ fund MLA48 III, Real Ventures, and other angel investors.
Varun Dalal, Principal at Telegraph Hill Capital says:
“QuoteMachine’s solutions address a market that is currently underserved by ecommerce. Not only does it enable businesses selling customizable products to bring their interactions from the show-room floor online, but it also gives customers the opportunity to visit a store — see and experience the items they wish to buy — and continue the conversation with an expert from their smartphones or computers, translating to significant increases in sales for those businesses.”
The QuoteMachine team believes that digital commerce needs to shift its focus toward sustainable human relationships and away from anonymous transactional consumption as experienced on major online sites. By enabling retailers to offer personalized, human support to their customers, whether in a store, online or both, users of the QuoteMachine platform have already seen massive increases in their sales — closing 70% of all conversations supported by QuoteMachine — as well as higher customer satisfaction.
Katy Yam, FounderFuel’s General Manager says:
“QuoteMachine is a game changer for local retailers. The reality is that independent retailers often provide critical decision-making expertise for high-ticket or complex products, only to lose that sale to an online retailer after the customer leaves their store. QuoteMachine gives these retailers the tools to convert their expertise into sales, increasing both their profitability and competitiveness with a custom sales journey. We are impressed by the results achieved to date and are excited to see future integrations beyond Lightspeed with Shopify and other digital retail platforms.”
QuoteMachine participated in Real Ventures’ FounderFuel accelerator in 2020 and was noted as particularly promising given the current retail trends toward omnichannel sales and the co-founders’ depth of knowledge and innovative approach.
Mohammed Ghalayini, Vice-Chairman of the Board of Directors & Chair of the Investment Review Committee at MLA explains:
“It will be interesting to watch QuoteMachine evolve and tackle developments in the retail industry during and following the pandemic. COVID-19 has further heightened the demand for e-commerce and we believe QuoteMachine will be fundamental to expediting the online sales process of many businesses.”
The QuoteMachine team believes that digital commerce needs to shift its focus toward sustainable human relationships and away from anonymous transactional consumption. By enabling retailers to offer personalized, human support to their customers, whether in a store, online or between both worlds, users of the QuoteMachine platform can significantly increase their sales and customer satisfaction by meeting them where they are with the expertise they seek.
JD Rocheteau, QuoteMachine CEO says.
“QuoteMachine is the perfect solution for retailers with custom high-value sales. The simplicity of our process and the ability for sales associates to start a conversation online or digitally close conversations that started in-store changes the game for retailers.”
About QuoteMachine
QuoteMachine is a customer relationship management software (CRM) for retail that streamlines and brings a personalized, human experience to the customer journey. We believe independent retailers should have the ability to offer personalized, high-value support to their customers whether in a store, online or between both worlds — so they can close more sales and build stronger relationships. www.quotemachine.com
About THCAP
Telegraph Hill Capital (“THCAP”) backs entrepreneurs obsessed with solving big problems. THCAP invests in seed stage startups across various sectors — enterprise software, eHealth, proptech, cyber security, eCommerce enablement etc. The firm brings to bear decades of business relationships and a dedicated team, in the US and Europe, to help founders achieve their vision. www.thcap.com
About Real Ventures
Real Ventures serves mission-driven entrepreneurs and nurtures the communities in which they thrive. Established in 2007, the firm backs visionary founders building innovative tech companies that will have large-scale positive impacts on society. The firm also helps entrepreneurs to realize the full potential of their companies by providing them with the guidance, stage-specific help and communities required to develop the self-awareness and operational capabilities for global success. Real has invested in over 280 companies across five funds, with $330 million under management. www.realventures.com
About MLA
Maple Leaf Angels enables high-potential companies to grow, realize their potential, and offer excellent returns by bringing together investment, experience, and a network of partners. To date, MLA members have invested over $38 million in 78 companies across Canada. MLA offers Curbside Mentoring events and weekly complimentary office hours to connect the brightest, most passionate entrepreneurs with accredited investors in a streamlined process. www.mapleleafangels.com