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Collingwood supporter and investor Alex Waislitz has led an $11 million increase through his Thorney Funding Group into an ecommerce startup that’s pivoted from being a surfboard rental enterprise to underpinning retailers equivalent to Patagonia.
5-year-old Awayco is a unified ecommerce answer that features retail Level of Sale (POS), rental and appointments for retailers to supply new and second-hand services to purchase, ebook and hire on any platform.
Thorney’s backing was supported by high-net-worth buyers and shall be used to scale the startup’s e-commerce functions and develop its native group.
Awayco has acquired veteran Sydney POS retailer Barcode Options, with its chief, Shanti Kumar, turning into CEO of POSConnex, Awayco’s e-commerce answer for retailers throughout web sites, apps and marketplaces.
“Through the use of buyer knowledge in a considerate method, retailers won’t solely achieve success in constructing buyer loyalty, they are going to be capable of differentiate themselves from their rivals,” Kumar mentioned.
Awayco founder Gideon Intestine-Silverman subsequently went on to discovered the VC and advisory agency Happenco, however will proceed to direct the corporate’s progress throughout each Awayco Enterprise and POSConnex.
He began Awayco in 2018 as a rental software program enterprise targeted on the round financial system earlier than altering technique through the Covid pandemic.
“By means of discussions with retailers we recognised that retailer closures have been making shoppers assume in a different way about e-commerce. Having served the rental market, we noticed that it wasn’t an enormous leap to supply a unified answer that addressed the larger image of what the trendy client needs,” he mentioned
“We realized it was vital that our answer labored inside a retailer’s current Enterprise Useful resource Planning (ERP) and POS system, in order that our prospects didn’t should undertake large capex earlier than we confirmed worth. We’re working with our retailer prospects to consolidate and handle stock, combination knowledge, and unify transactions throughout any platform and channel, to allow them to provide revolutionary experiences primarily based on client demand, and we’re hopeful that many extra will profit from Awayco’s tech.”
Investor Alex Waislitz mentioned: “Awayco has made excellent progress as a enterprise, constructing out its expertise answer and successful enterprise from high quality retailers. This has given us the arrogance to proceed to assist the corporate by main its newest funding spherical.”
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