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Home/Technology/Gembah Raises $ 11 Million for "Democratizing Product Innovation" – TechCrunch
Gembah Raises $ 11 Million for "Democratizing Product Innovation" – TechCrunch
linkentoJuly 12, 2021
Genba's mission is seemingly simple. The Austin-based company says it aims to "democratize product innovation by significantly lowering the barriers to entry for new product creation." In that respect, at least, from crowdfunding to layered modeling, it's not much different from the various startup initiatives that have arrived and changed over the last decade.
The company's products are platforms / marketplaces designed to guide users throughout the product creation process, ensuring results in "only 90 days". This forum connects small businesses with factories, supply chain experts, designers, engineers and more to help speed up the process. Ask someone who is trying to launch a hardware startup. These things can be very difficult to navigate.
To accelerate my vision Genba Together with Silverton, Flexport, Bret Hart, Jim Curry and Dan Graham, we have raised $ 11 million in Series A led by a local ATX venture partner.
Image credit: Genba
It continues $ 3.28 million seed Led by Silverton, announced last April, the total funding was up to $ 14.75 million.
According to the company, the pandemic actually benefits the business model as hardware start-ups are looking to more online models and are a bit more familiar than traditional sales channels. It is said that there is. According to the company, revenue increased by 500% in 2020 and is on track to triple revenue this year. Faced with some major supply chain issues that have affected the industry over the past year and a half, it's a remarkable growth.
Currently, we have 300 active customers, but we haven't achieved profitability yet. Therefore, it is a new round. "Most of our customers are e-commerce companies, so we have benefited from the accelerated growth of e-commerce," CEO and co-founder Henrik Johansson told TechCrunch. "The supply chain has been affected to some extent, but as the global supply chain becomes more complex and many companies want to diversify outside of China, we need help to overcome that change. Can assist in that transition. "
The funds will be used to increase the company's engineering team. Currently, Gembah has 55 employees in the United States and 19 elsewhere, including Asia and Mexico. New personnel are focused on market growth, supply chain workflows, and machine learning capabilities. Gembah also aims to expand its global network with additional recruitment in marketing and UI / UX.
"Gembah is a true innovator poised to help businesses leverage global e-commerce growth," ATX venture partner Chris Shonksaid said in a statement. "The Gembah Marketplace promises to unleash virtually unlimited entrepreneurial fairness by allowing a whole new kind of creators to enter the market."
https://techcrunch.com/2021/07/12/gembah-raises-11m-to-democratize-product-innovation/ Gembah Raises $ 11 Million for "Democratizing Product Innovation" – TechCrunch
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