Seven months after his company’s public launch, Rutter is back with another capital injection, this time with a $27 million Series A funding round led by Andreessen Horowitz.
We first met founders Eric Yu and Peter Zhou last year when the company raised $1.5 million. They started building a universal read and write e-commerce API so that tech clients can integrate with trading platforms and finance to make it easier to sync inventory for lending, new marketplace launches, and brand management. ,
Today, Rutter has similar tools for accounting and payment systems, including Shopify, Amazon, WooCommerce, BigCommerce, PrestaShop, Quickbooks, Xero, Stripe, and PayPal.
With the goal of “being interested in business,” Zhou said, Rutter’s main focus is to do away with the fragmentation that exists in order for businesses to connect to all of these channels.
“What strikes people is that it’s more fragmented than people think,” he told gaming-updates. “We offer a wide range of platforms and act as a bridge connecting all trading tools, platforms and products to all merchants and small businesses.”
The new funding round also involves new and existing investors, including Coma Capital, Mischief Capital, Basis Set Ventures, Haystack, Chainsmokers and a group that includes the founders and executives of companies such as Plaid, Modern Treasury, RedHat and Airvolex. As part of the investment, a16z’s Christina Shane will join Rutter’s board of directors.
The company works with fintech companies including Ramp, Airvolex, Uncapped and Lenkey, as well as e-commerce companies including CJ Dropshipping, Gelato, Shirtsey and Moonshot Brands. Rutter is currently rolling out about five new integrations per month and plans to support over 100 integrations by the end of the year.
Zhou plans to use the new funding to grow Rutter’s team from 19 to 80 by the end of the year. He is also involved in product development, including the creation of a commercial data infrastructure layer and the creation of value-added features. From the fintech side.
“We see a lot of demand and products getting out of control, so we need to move forward with new ones,” Zhou said.
Since the second quarter of 2021, the company’s revenue has grown 10 times, and since the financing in August last year – five times.
Zhou says the sector that powers e-commerce is “an open area right now,” with high demand and much of it unsatisfied. Its closest competitor is focused on fintech rather than e-commerce, he said, but Rutter’s long-term goal is not a full-stack fintech company, but a data layer for commerce.
Meanwhile, Yu said the company is expanding its reach across all platforms and deepening into integrations and use cases. So far, fintech has been one of its main use cases, but the company is also seeing other commercial aspects, including shipping, drop shipping, and marketplaces.
To reinforce what the company sees, new products and features in development will involve fast, real-time data acquisition, including a webhook-based system to inform customers about orders.