The startup plans to use the funding to expand its presence to more cities in the US. Here are the top-line bullets you need to know.
Nearby, an e-commerce platform for local retailers, has raised $21M in a Series A funding round. The round drew participation from Google Ventures, Redpoint Ventures, Obvious Ventures, Cowboy Ventures, among others.
How’s the company performing?
- Oakland, California-based Nearby is a hyperlocal marketplace that supports the purchase, shipping, and marketing needs of local retail businesses.
- The company, which started in September 2020 with just 17 local businesses, has doubled the number of sellers on its platform since then.
- Nearby has over 20 employees and has made over $100,000 in sales.
Why does the market matter?
- The global e-commerce market is projected to grow at a CAGR of 14.7% and reach a value of $27.15T by 2027, according to Grand View Research.
- Technological advancements, cost advantage over brick-and-mortar stores, and increased reach have contributed to the growth of e-commerce.
- The Covid-19 pandemic has caused many small-scale businesses and consumers to move online. The market for online orders has grown by 54% in the US, per Emarsys and GoodData.