Jiffy Software Raises a New Round of Funding
The startup, which provides full-stack software solutions for any vertical to transform sales to online and build a robust eСommerce system, has successfully raised $2.2 million led by I2BF Global Ventures and Somersault Ventures with many existing investors participating.
Founded in 2021 and started out as a qCommerce business in London, Jiffy made a pivot to become a dedicated software company in May 2022. A solution that the team developed for their own online retail business automation served as the basis for this strategic move.
Previously, the startup closed $35 million in funding as a 15-minute grocery delivery business. During 2022, the company generated about $20 million in ARR. By utilising the growth cycle approach, the company achieved significant target metrics in a short period of time both in the area of revenue growth and optimization. Particularly, gained a 122% increase in gross margin in just four months.
Smart order batching with automatic courier assignment and other optimization of couriers' work helped halve order delays. Furthermore, thanks to online store tracking and robust picking processes, the company provided 99.99% order fulfilment and hit eight seconds on the average to pick one item with a unified fulfillment process for omni-channel sales. It means that only one item out of 10,000 was not delivered, which is a fantastic result for the food and goods delivery industry.
“As a qCommerce startup, we had made significant progress in delivering groceries to London's consumers in just 15 minutes. And then we put all our knowledge of how to sell online into our software solution – from automated ordering and automatic replenishment based on smart algorithms to real-time reporting and improving turnover. We are here to help businesses to make the fastest switch to eCommerce or improve current processes using our expertise and innovative platform. Despite the difficult eCommerce market and our pivot, investors continue to believe in us and give us the opportunity to succeed”
Artur Shamalov
Co-founder and CEO
“Even in its former life, Jiffy had a market leading technology platform and very experienced product and engineering teams. Over the last year we saw this platform redeveloped into a scalable enterprise-ready solution. This product is unique and informed by operational excellence Jiffy achieved as a retail business.The enterprise segment, hybrid online-offline businesses and especially grocery delivery still predominantly rely on outdated and fragmented software and we believe Jiffy is uniquely positioned to become a leader in the market as it continues its move to the cloud”
Alex Nevinskiy
I2BF and Somersault who joined the company as investor director
As a software company, Jiffy specialises in developing software-as-a-service (SaaS) and on-premise solutions tailored to meet the needs of businesses in the Grocery, F&B, Fashion, Pharma, Electronics industries and more. The solution covers all aspects of eCommerce, including full-stack or separate ready-to-use modules, such as App & Web, Headless eCommerce, Warehouse/Store Management Systems, Supply Chain & Replenishment, Delivery, and Business Intelligence (BI).
To ensure that the product addresses modern eCommerce demands, the company concentrates on providing an omnichannel approach to help businesses effortlessly reach customers across every touchpoint. It also uses a mobile-first strategy to guarantee a mobile-centric experience that resonates with today's smartphone-savvy audience. Additionally, Jiffy offers a comprehensive UX, easy-to-use operational tools, and extends beyond software, providing consulting services to assist businesses with improving their operations and increasing revenue.
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