Moteefe Raises Funding from the Unicorn Ascension Fund

By SiliconIndia   |   Friday, November 30, 2018
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Moteefe (Custom Materials Ltd), a London, UK-based social commerce platform, raised a funding round of undisclosed amount from the Unicorn Ascension Fund (UAF). The raised fund will be used primarily for expansion of the company in India. This is UAF’s first ever deal since its launch earlier this summer. UAF has participated in this round as a co-investor with other early stage investors including Ascension Ventures, Livingbridge and Force Over Mass Capital (FOMCAP).

Mathijs Eefting, CEO & Co-Founder, Moteefe says, “We are extremely excited to welcome UAF to our investor base. Our business is highly global with a user base across Europe, the USA and Asia, selling products directly to consumers across the world. India is an exciting opportunity for us due to its strong e-commerce growth rates and social media adoption. UAF will hopefully play an instrumental role in helping us establish a strong position in the market”.

Bhaskar Majumdar, Managing Partner, Unicorn Ascension Fund says, “this is UAF’s first investment and we are very excited to have started our journey with Moteefe, as not only has it managed to scale sales in the UK, but they also have a well formulated and focused strategy for entering the Indian market. The growth potential of social commerce in India is significant and Moteefe could be in a great place to ride this wave given their experience and success in the UK and other European markets”.

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