SendOwl, a technology company that specializes in providing a platform for the transfer, management, protection, and collection of payment for digital products, has announced that it has secured $9M in a series seed funding round led by TheGP, a new investor. SendOwl’s existing investors, defy.vc and Alumni Ventures, also participated in the funding round, as did Authentic Ventures, a new backer. The company plans to use the new funding to accelerate its product roadmap, increase the number of third-party integrations, and invest in key creator partnerships.
The company’s vision is to build the “digital product rails for the internet,” offering powerful and scalable tools to help people share their knowledge and passion with the world while getting paid for it. SendOwl has become the preferred tool for tens of thousands of independent merchants, as well as some of the world’s largest creative companies, including Bungie Inc. and Universal Music Group.
According to Matt Plotke, CEO of SendOwl, the company’s primary aim is to build a ground-up commerce layer for digital products. Plotke said that scaled internet commerce was built primarily with physical goods in mind, and the company’s goal is to offer a commerce layer that is specifically designed for digital products. The CEO added that SendOwl has received feedback from creators, and they have said that it is a game-changer to control their revenue streams.
SendOwl users have delivered more than $2B of digital products using the platform, and the company’s monthly average users grew by 25%+ in H2 of 2022 alone. The funding comes shortly after several other recent product launches, including the Link App, which allows Linktree’s 30M+ users to sell digital products and services directly from their Linktrees.
Phin Barnes, Co-Founder of TheGP, said that the company was excited to partner with SendOwl, adding that it’s rare to find a company with such strong product market fit when it comes to helping creators build sustainable businesses. He said that TheGP was eager to provide the partnership and funding needed to build the infrastructure to support these creators.
Bob Rosin, partner at defy.vc, said that his company saw the massive opportunity in front of SendOwl early on and that it was a no-brainer to continue to invest behind the vision and Matt’s leadership. He added that with the tremendous growth in digital goods commerce, the need for an infrastructure solution is something that reminds him of the early days at Stripe.
