Relay Commerce, a New York City-based startup, raised $27 million in equity and debt funding earlier this year to fuel more acquisitions of e-commerce software businesses.
Relay Commerce was incubated inside NYC-based VC firm Primary Venture Partners, which put in an initial $750,000 pre-seed check last year into the company to get it going.
Primary led the $6.25 million seed round , with Twelve Below, AlleyCorp, and Max Ventures also participating. TriplePoint Capital provided a $20 million debt facility."The bigger, broader vision for us — I look at us as just a [software-as-a-service] company," co-founder and CEO Ricardo Hinds tells Axios.
"The initial focus is certainly bootstrapped [companies] because the message really resonates with those founders," says Relay co-founder and director of acquisitions Austin Simon, adding that it's possible the company will also acquire venture-backed companies down the line as they, too, start to look for more exit options given the current market.
Relay also doesn't want to sunset the individual products' brands. Instead, the idea is that by bringing them under one roof, it can run — and grow — them more efficiently and cross-sell to their respective customers. It's also not fazed by Shopify's own recent admission that it overestimated the permanent leap of e-commerce amid the pandemic boom .Editor’s note: This story has been updated to clarify that Shopify is among the software tools Relay Commerce is focused on, not the only one.
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