STOCKHOLM Feb 18 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
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
"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)