Etsy accepts $27 Million
For those of you interested in the behind the scenes side of Etsy, this post is for you. Recently on Etsy’s Storque, Etsy founder Rober Kalin posted a video and post about the lasest with Etsy. Here are the key things you should know:
- I am proud to announce to everyone that we have just accepted a $27 million investment. The funding comes in part from two existing Etsy investors, Union Square Ventures and Hubert Burda Media, and from an important new investor: Jim Breyer at Accel Partners.
- This means that we now have the resources to extend Etsy’s reach in this world, to enable so many more people to make a living making things.
- As he [John] joins our Board of Directors alongside Caterina Fake of flickr and Fred Wilson of Union Square Ventures, Jim is in a position to help steer the company, and to tell us when we’re off course.
- Jim currently sits on the Board of several other companies you might know something about: Facebook, Marvel Entertainment and Walmart. Walmart?! That’s right. Accel Partners was an investor in walmart.com, the e-commerce arm of the retail giant. Apart from Jim’s insight gained from this role, there’s no connection between Etsy and Walmart.
Robert also explains why Etsy needs the money and lists some of the goals for Etsy’s future.
- Right now, Etsy only supports the US Dollar and the English language. We want to support many other currencies and languages, but to do so requires significant resources: from people to translate the site as it exists now, to providing customer support in new languages.
- In the same vein as the previous point, people searching for items on Etsy expect search to be comparable to Google. This is quite a lofty goal, but we’re up for the challenge. Our new investment will help us achieve this.
- The checkout experience on Etsy is not ideal. Every buyer has to pay every seller individually when checking out. Based on our own tests, and based on a lot of unsolicited feedback, this is a major hurdle to increasing sales. People shopping on Etsy expect an experience comparable to other leading ecommerce sites like Amazon.com. We aim to build an in-house payment system, and to do this properly requires a significant amount of capital investment.
Please take a moment to check out the entire article to learn what is going on with Etsy.