September 28, 2021
Convictional, a start-up based in Waterloo, Ontario, received $6.7M in Series A funding from a number of high profile investors, including Claire Johnson, the COO of Stripe, Scott Belsky, the Chief Product Officer of Adobe and Ram Shriram, a former board member of Alphabet. Convictional offers a business-to-business (“B2B”) e-commerce platform to help vendors and brands manage inventory.
Convictional, which was launched in 2017 by former Shopify employees, was created in response to electronic data interchange’s (“EDI”) lack of utility. EDI is a pre-Internet technology that allows businesses to exchange electronic business information. However, it is quickly becoming outdated and incompatible with modern technology.
Convictional hopes to replace EDI by offering companies a better alternative for electronic exchange of information and in turn, become the digital backbone of B2B. The company claims that its platform allows businesses to expand their online and in-store assessments, reduce inventory risk and onboard new suppliers faster than any EDI platform. Convictional CEO, Roger Kirkness, stated the company’s mission is to “level the playing field by connecting suppliers and their buyers, regardless of the systems they use. Just click a button to integrate, then start trading”.
Convictional plans to use the Series A funds to invest in its research and development in its supplier enablement platform and grow its network of suppliers and retailers.
By: Matt Erdman