Fuel Ventures backs 'unique' e-commerce startup Boulevard
UK-based online marketplace and tech startup, Boulevard, has closed a £2.2 million seed investment from early and growth stage VC, Fuel Ventures.
Boulevard currently sells more than 150,000 products across nine product categories to consumers via multiple online channels, generating retail prices for over 15,000 product lines every 10 minutes, and is an Amazon third party seller.
Founded in 2016, the company is currently tracking £6 million annual revenue and anticipates reaching the £100 million milestone in five years.
Boulevard says that its uniqueness comes from its ability to do all the heavy lifting for brands wanting to be present on marketplaces like Amazon and OnBuy.
It helps independent businesses from quickly bringing products to market through to complete control over sales, inventory and fulfilment thanks to its bespoke supply chain platform, Eiger.
With Fuel’s £2.2 million investment, it plans to enter new markets, diversify its product categories and advance its Eiger system.
Dominic Portman, Founder and Managing Director, Boulevard, says: “We started life as a single category e-commerce business that we quickly scaled through the power of our own tech, Eiger.”
“The lessons we learnt on how to sell online as an e-commerce business and opened up our expertise and tech to help others to do the same.
He adds: “Our tech, Eiger, ensures operational excellence for all aspects of online selling and the fulfilment of orders, and we’re using sophisticated algorithms to test product popularity, monitor stock levels and dynamically fulfil orders within competitive timeframes.”
“We’re now planning on advancing the Eiger platform to enable us to break into new markets and become a leading, global online marketplace super seller.”
Mark Pearson, Managing Partner at Fuel Ventures, comments: “Dominic is a true entrepreneur - quick thinking, innovative and agile enough to recognise an opportunity and jump on it quickly.”
“We have been so impressed with how he and his team have taken Boulevard to awe inspiring heights of success in such early days.”
“It’s clear from Boulevard’s unique approach, the building of their own end-to-end supply chain software and their impressive growth that they know how to be the big sellers on these platforms and continually adapting with the times.”
“The decision to invest was an easy one for us: it is set to become a serious player among the world's fastest growing marketplaces.”
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