Promoted grabs more funding to help e-commerce marketplaces achieve profitability

There is a lot of technology being developed for e- commerce marketplaces. Companies like Nautical Commerce got $30 million in Series A funding to help create their own marketplaces. Shop Circle made its public debut with $65 million under its belt with apps so that merchants can get their businesses up and running.

It is estimated that some $3.2 trillion was spent globally on the top marketplaces in 2021, with those like Tmall and Amazon accounting for over 60 percent of the activity.

Andrew Yates is the co- founder and CEO of Promoted.ai.

Promoted is the next step. The company, which brings together search, feed, ads and promotions for marketplaces, took in an additional $6 million in seed funding.

Promoted was profiled by us in November of 2021. The company was launched in 2020 by two formerPinterest engineers, Andrew Yates and Dan Hill, with a two-fold model: to help buyers find the products on marketplaces more easily to yield repeat purchases, and to provide sellers with immediate feedback about how their products appear in a search and tools to

At the time of the first seed, the company was working with customers such as SnackPass and Hipcamp, and since then, has added more.

Yates said that they have executed for some fantastic marketplaces. We are making marketplaces more efficient. We shared single-digit improvement for Hipcamp in November but now it is double-digit. Bigger scales and more efficient are what we are seeing.

Promoted has all of the search, recommendation and ad functions under one roof, using artificial intelligence to measure and improve. Yates said that that provides a panoramic view of the data so that the marketplace can predict conversions and clicks.

The round ended earlier this year, Yates said. Promoted was part of the winter cohort and was led by Y Combinator.

Yates plans to use the funding to hire additional engineers, technology development for building out Promoted's infrastructure, and put some of the money in the company's "war chest."

The company will be focusing on promotions. Yates said that some marketplaces aren't running paid promotions. The company is trying to create a kind ofads networking component where customers can pull ideas from each other.

Product management teams want to swap tips with another marketplace, so we are building a community of experts. This will allow us to connect people.

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