Swedish tech startup Tictail gets funding from UK whizzkid D'Aloisio

STOCKHOLM Tue Feb 18, 2014 11:13pm IST

STOCKHOLM Feb 18 (Reuters) - Swedish online retail startup Tictail has received an $8 million round of funding, including the first investment by Nick D'Aloisio since he sold his Summly App to Yahoo for a reported $30 million last year when he was 17.

Tictail is a do-it-yourself e-commerce platform for retailers, which allows users to set up virtual stores. The company, which has only 18 employees, has more than 35,000 stores in 111 countries.

The new funding will support the opening of a New York office. Around 15 percent of their virtual stores are in the United States.

"We're looking forward to the team's input for the U.S. market as we establish and consolidate our U.S. presence," Carl Waldekranz, CEO and co-founder of Tictail, said in a statement.

The latest funding was led by Thrive Capital, which has backed the likes of Spotify and Instagram.

D'Aloisio hit the headlines in 2013 when Yahoo Inc snapped up his mobile news aggregator Summly. Founded by D'Aloisio two years previously from his home in London, the app sorts news by topics in quick bites for smartphones. (Reporting by Mia Shanley and Alistair Scrutton; Editing by Alistair Scrutton and Pravin Char)

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