Crowdfunding is any form of fundraising that relies on large numbers of individual donations. It can be broadly narrowed down to community funding, i.e. a situation in which the creator of a project asks for the support of Internet users, offering them certain benefits in return, such as a finished product or a discount on its purchase.
Today there are numerous fundraising platforms, including the LVenture crowdfunding fund, for individual projects. In this case, investors have become protagonists in the vision and planning of an innovative holding company and startup, Yakkyofy, which multiplies e-commerce projects through drop shipping and creating a solution for each project.
The LVenture fund has subscribed to the equity crowdfunding campaign launched on Mamacrowd by Yakkyofy. An Apulian startup that aims to revolutionize e-commerce through dropshipping, a method of replenishment through which the owner of an online store markets goods without physically owning them. Drop-shipping means that when a store owner receives an order, instead of managing a physical warehouse or sending the goods on his own, he passes the shipping data to a supplier who sends the parcel directly to his end customer in his place.
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The funding target
The equity crowdfunding campaign has a minimum funding target of $162.686 (€150.000), for a share of 1.79% of the capital. To date, it has already raised over $113.880 (€105.000) from 33 investors, including LVenture. Yakkyofy was incubated by Luiss EnLabs, LVenture’s acceleration program, which then invested $325.370 (€300.000) in the company as part of its first round of $885.020 (€816.000). Now Yakkyofy has opened a second round of $2.2 million (€2 million) to support its global expansion.
The startup was founded in Adelfia (Bari) by Giovanni Conforti (CEO) and Carole Hsiao. Giovanni Conforti, speaking about LVenture and Luiss Enlabs, commented that: “Their support really is incredibly important for us, not only because it shows that our company has possibilities that are recognized by the world of investors, but also because they support us every day in all our activities by hosting us in their facility in Rome and constantly introducing new partners and investors interested in our business. Thanks to them, for example, we got to know Italy’s head of Shopify.”
Software that automates the entire management
Yakkyofy has over 250 customers worldwide and more than 160 thousand products shipped. It has created a software that allows to completely automate the entire management of a dropshipping shop: from the product search to the exchange of information between seller and supplier, from the execution of orders to the shipment of goods. In addition, thanks to a proprietary image recognition algorithm, it aims to offer customers a unique and disruptive technology on the market that will considerably cut waiting times for product quotes.
This technology, available from February 19th, 2020, will make it possible to recognize a product through an image, search for it in a database of over 12 million items and return a quote including shipments to over 100 different countries, fully automatically. Yakkyofy closed 2019 with a turnover of $2.4 million (€2.2 million).
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First published in BeBeez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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