Ownit helps brands sell products, at the point of discovery, with one click –
Summary
“We knew checkouts at the point of purchase will explode, but we wonder if the user was going to the storefront, and is the company investing in sending them there from another platform, like social media,” Nejati added. So we thought, what if you don’t have to go there, but we could capture someone at the point of discovery — that was the lightbulb moment.” Proving that checkout continues to be a hot area for investors, Ownit itself announced initial funding Monday, an $8 million seed round from Caffeinated Capital, SciFi VC, GGV Capital, Abstract Ventures and a group of angel investors that include founders and executives of companies including Meta, Pinterest, Honey, Product Hunt, Standard Cognition and Anycart. Nejati explained Ownit is like the “Plaid of e-commerce;” what it is doing is a “heavy tech lift,” involving connecting people, merchants and payment options seamlessly. The ultimate goal being to become the merchant of record by going after capital to get everything squared away correctly from the beginning versus taking shortcuts that make it difficult to scale. As such, the new capital will be deployed into what Shiue called “the three Cs”: conversion, which he considers “the North Star for its brands;” customer onboarding; and connections to deepen the three pillars of its tool suite of social, commerce and payment platform relationships.