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New financing: Bottomless, the small Seattle startup with big e-commerce dreams, has raised $ 4.5 million in a new Series A funding round to support the continued growth of its business.
How it works: Developed four years ago by married couple Michael Mayer and Liana Herrera, Bottomless combines their WiFi-enabled rechargeable coffee scale and machine learning to ensure you never run out of fresh coffee beans delivered straight to the customer. Bottomless works with hand-picked roasters from across the country, learning the user’s taste preferences and making recommendations over time.
Traction: Bottomless has achieved a revenue rate of $ 2 million this year and is benefiting from increased e-commerce penetration and “phenomenal retention”.
“The more people try e-commerce subscriptions, the more often they are delivered too often or not often enough,” Herrera said. “The growth of Shopify has also helped us a lot. They have brought pretty much every roaster online and an amazing abundance of coffee is now being sold on the internet.
She also attributed to Consumer Social, where 75% of Bottomless’ growth in the last month was direct, organic, or referral as people talked more online about what they are buying.
The bottomless co-founders Michael Mayer and Liana Herrera. (Photo without bottom)
Competition: Amazon’s release of the WiFi-enabled Dash Smart Shelf last October was seen as a “great endorsement” of what Herrera and Mayer have built.
“The market size of consumer repeat purchases is so large that there is no risk of saturation before Bottomless can grow to a very large scale,” Herrera said at the time.
Growing team: Bottomless currently has eight employees, three in Seattle and five worldwide. We plan to at least double this number in personal and remote settings for roles such as VP of Growth, VP of Product Operation, Content Creator, Full Stack Developer, Lead Designer, and Data Scientist.
Investors: Bottomless has raised $ 6.55 million to date. Investors in this round included Positive Sum, Craft Ventures, Pioneer Fund, FJ Labs, Turner Novak and Dalton Caldwell.
Long term goal: “We want to build the world’s first and best sensor-based e-commerce marketplace,” said Herrera. “Our technology enables people to ship high quality products direct from manufacturers to any zip code in the country. We want to enable people to easily improve any household good. “