SV Frontier is MassGenie's first institutional investor. This investment builds on an exceptional year for MassGenie, which experienced exponential growth in 2018.
COSTA MESA, Calif. (PRWEB) January 04, 2019
MassGenie announced today that its gross merchant volume (GMV) in the fourth quarter of 2018 was $3.37 million, which was a 2000% increase compared to the same quarter in 2017. GMV for the full year of 2018 was $4.86 million, which was a 1398% increase compared to 2017.
MassGenie also announced that they have received an investment from SV Frontier, their first institutional investor. This investment builds on an exceptional year for MassGenie, which experienced exponential growth in 2018. The latest funding will be used to fuel MassGenie’s continued growth in new customer acquisition and expansion of MassGenie’s ecosystem. MassGenie has recently opened up their Series A round which is expected to close in Q2 2019.
“It has been exciting to see the acceleration in growth that we have been experiencing since we launched in 2018 with the redesigned Power Deal,” said Dan DeVries, COO of MassGenie. “Our 2000% Q4 2018 same quarter growth was a significant increase from our same quarter growth of 424% in Q3 2018."
“Although we are in hyper-growth mode, we were able to drive our new customer acquisition cost down from $40 in Q3 2018 to $29 in Q4 2018. We anticipate being able to further drive our new customer acquisition cost down to below $20 in 2019, while continuing to grow rapidly,” added DeVries.
MassGenie is a unique online social shopping marketplace site, which combines the power of crowdsourcing and e-commerce. Coding started on MassGenie in 2015 and the site soft launched in 2017. Follow MassGenie on Facebook, Instagram, Twitter and LinkedIn. MassGenie was founded and is led by veterans in the ecommerce and software industries. To learn more about MassGenie, visit https://www.massgenie.com/.
About SV Frontier
SV Frontier is a Silicon Valley based VC fund that invests in early stage technology-based startups that redefine or create large new markets. Leading companies funded by SV Frontier include Appurify, Headspin, Shakr, Virool, DashBid, Aarki, Boomtown Networks, Neumob, MixRank and Neptune.io.