Productpine raises €2,5 million
Direct-to-consumer platform Productpine has raised 2,5 million euros in seed capital. The startup wants to use the money to scale up and work with more international partners. Currently, they offer over 90 brands.
Productpine is an online shopping platform where brands can sell direct-to-consumer. The company encourages cross-selling through a smart recommendation engine. The startup, started in 2019 in the Netherlands, wants to grow internationally.
Over 90 international brands
The millions worth of investment was led by German NFQ Capital, among others. Productpine wants to use the capital to scale up their platform. Moreover, the company wants to add more brands to its clientele.
According to Productpine, 600 brands are on the waiting list.
Currently, the company works with over 90 international brands, including Sonos, Matt Sleeps and Ekster. According to Productpine, 600 additional brands are on the waiting list. The platform mainly sells innovative designer products such as smart home gadgets and e-bikes. But customers can also buy fitness equipment, skincare and fashion items on the website.
For partner brands, Productpine functions as an online storefront that collects customer data and encourages cross-selling. According to the founders, this can be valuable as D2C retail can be time-consuming and expensive to set up in-house.
Productpine functions as an online storefront that encourages cross-selling.
The company is paid a commission for sales as well as a monthly fee. In return, brands can share their marketing costs.
In addition to their online shop, the startup also has a physical store in Amsterdam where they collect in-store data. As the company mainly sells innovative tech products, customers will want to try them out. However, during coronavirus-related lockdown measures the company decided to double down on their online services.