Dublin’s Wayflyer raises €7.8m

Irish start-up Wayflyer which helps e-commerce firms achieve growth is in growth mode itself.

Dublin-based Wayflyer has raised €7.8m ($10.2m) in seed funding from international specialist fintech venture firms.

Wayflyer, which was founded by Aidan Corbett and Jack Pierce in 2019, focuses on helping e-commerce players grow through revenue-based financing and marketing analytics.

“With e-commerce poised to thrive in today’s digital-first environment, this infusion of capital will allow us to fund over 1,000 new scaling e-commerce stores”

The company, which is a spin-out from another company led by Corbett called Conjura, provides e-commerce stores with unsecured capital to help them secure advertising and inventory ahead of selling online.

The equity capital raise was led by QED, which has backed Klarna, SoFi and NuBank, along with SpeedInvest and Middlegame Ventures the other major participants.

According to Wayflyer it has helped more than 100 businesses with $25m in advanced funding and so far there have been no defaults.

Irish customers include Gym + Coffee, Ambr Eyewear and Moby.

Wayflyer employs 40 people in Dublin, London, New York and Sydney.

Digital-first epoch of e-commerce

Before starting Wayflyer Corbett founded workplace education platform Kubicle and data analytics consultancy Conjura. Pierse, the company’s CFO, previously worked at PwC and Liam Casey’s Highway1.

“Wayflyer began life as part of a pure data analytics company,” Corbett explained.

“We spent four years giving e-commerce clients guidance on how they could accelerate their growth but often they simply didn’t have the capital. So, we decided to provide the capital too. Since making our first advance in March of this year, the incredible demand for our analytics and financing services has exceeded even our own high expectations.”

Corbett said that Wayflyer’s growth trajectory puts the company on a path to achieve profitablity in 2021.

“With e-commerce poised to thrive in today’s digital-first environment, this infusion of capital will allow us to fund over 1,000 new scaling e-commerce stores while growing our capabilities to meet their needs. We’ll plan to meet customers where they are, by expanding into fast-growing markets like Australia and Canada.”

Pictured at top Aidan Corbett and Jack Pierse, founders of Wayflyer

By John Kennedy (john.kennedy3@boi.com)

Published: 22 October, 2020