Australia’s StoreConnect raises $9m in Seed funding led by Bellini Capital to revolutionize e-commerce for SMBs

Mikel Lindsaar, Chief Executive Officer at StoreConnect
Mikel Lindsaar, Chief Executive Officer at StoreConnect

The e-commerce industry has long been divided into two camps: intricate setups demanding external assistance and substantial financial investments, or deceptively simplistic “plug-and-play” options, like a well-known platform that lure businesses with their initial ease but morph into unreliable “plug-and-pray” solutions. Mikel Lindsaar, CEO of StoreConnect, a trailblazing force in the e-commerce industry, has secured $9 million in a seed round led by Bellini Capital.

What does the funding mean for StoreConnect?

This investment is poised to fuel StoreConnect’s mission of addressing the prevailing challenges in the e-commerce landscape, for which Lindsaar calls out several currently impeding the growth and prosperity of small and medium-sized businesses (SMBs):

  • SMBs struggle to sustain growth and longevity, with a shocking 34% of online stores vanishing within a year, with average lifespans dwindling to a mere 143 days.
  • The overwhelming number of apps [plugins] available in the marketplace forces SMBs into an arduous evaluation process to find the right fit (Tidio). Time-consuming selection becomes an added burden, not to mention slowing page loads.
  • To further compound the problem, adding just six customer-facing apps can inflate load times significantly. This drastic slowdown sabotages user experience and sales conversions. Pages taking over six seconds to load lose half of their visitors, crippling traffic and revenue generation, according to SEO expert Neil Patel. Swift page speed is paramount for customer engagement and business success.
  • Having to “balance” functionality and performance, SMBs are advised to limit apps to a manageable number (aka 25!!) for a comprehensive online store (kubix). And finding the right apps out of the thousands of numerous plugins available is a time sink that no business owner can afford.

“These alarming statistics highlight the uphill battle SMBs face within the current ecosystem. I wanted to develop a solution that enables growth and equips ‘Davids’ to compete with ‘Goliaths,’” said Lindsaar, who has previously successfully built and sold four SaaS companies.

How is StoreConnect revolutionizing the space?

The importance of this funding round extends beyond StoreConnect’s dedication to simplifying e-commerce fractured complexities through its comprehensive all-in-one solution. It also lies in StoreConnect’s ability to eliminate major barriers, allowing SMBs to connect with millions more customers, thereby leveling the playing field in the eCommerce arena.

Customer Commerce is a user-driven approach that empowers SMBs to forge connections with a brand-new range of customers that were previously out of reach. This revolutionizes their interactions and also accelerates transactions opening up new avenues of growth, profitability, and scalability, all at an affordable price tag. By embracing this, SMBs have seen unprecedented opportunities for expansion and success across all avenues of online revenue.

Built on the world-leading CRM platform, the company’s innovative approach has already garnered the support of over 60 Salesforce Solution Integration partners in just 24 months—and is on an impressive run rate of $50 million by 2028. Lead investor, Arnie Bellini, brings a wealth of expertise to the table. As the co-founder and former CEO of ConnectWise, Bellini is renowned for launching the industry’s most widely used IT-managed services platform.

Arnie Bellini, Managing Partner at Bellini Capital
Arnie Bellini, Managing Partner at Bellini Capital

Presently serving as the managing partner of Bellini Capital, an investment firm based in the Tampa area, Bellini declares that existing e-commerce solutions belong to the bygone era of 2005. Undeterred by the limitations of the past, he firmly places his faith in StoreConnect’s transformative capabilities to reshape the e-commerce landscape tailored for SMBs.

StoreConnect aims to revolutionize how SMBs engage in online commerce, paving the way for a more prosperous future. The raised funds will help expand StoreConnect’s global reach by hiring a dynamic sales team, advancing tech to enhance CX, and expanding its partner network, which includes Salesforce solution integration partners. StoreConnect is poised to solidify its position as the dominant player in the small business e-commerce ecosystem.