Tedooo, a Tel Aviv-based social network, has raised $3 million in seed funding. The platform helps boost and create global trade communities. Tedooo focuses on the handmade crafts and do-it-yourself industry in English speaking countries.
The company was founded in 2020 after the CEO and co- founder collected thousands of business cards when visiting several countries to keep track of brands and form partnerships. She created a basic app for herself in order to manage her many brands. She could use the app to ask businesses for photos of new items and to buy them directly from them. She and her brother built the app using his 10 years of developer experience.
People started asking her for access to the app even though it wasn't publicly available. They decided to build a company around the platform after getting feedback. More than 100,000 people are registered in over 150 countries. The company claims to have thousands of new users each week and plans to grow through marketing.
We are growing fast, according to the interviewer. Around 100 people sign up every day. We have around 300 to 500 new register every day. Tedooo is a promising platform because things are changing so quickly.
Tedooo is the image's credit.
You can search and follow crafter that you are interested in. They have a catalog, prices and new items that you can message them to purchase. Buyers can purchase items directly from some Tedooo sellers. There is a place for sellers to manage their orders. Users can't complete the payment process on Tedooo, but the company plans to create a system that allows in-app payments
One of the main features of Tedooo is the ability to chat with others who share their interests. These groups can be used to share information about doing business in a specific industry.
The platform is not an e- commerce platform according to the founder. She says that the two companies have the same audience and industry. There's a different business model for Tedooo. Tedooo does not take fees from transactions.
Feed posts, chat, search, store listings, product catalogs, offers, reviews and more are available in the free version of the platform. There is a $24.99 per month subscription that comes with access to advanced features. You can see who viewed your profile and have the option to contact them. In search results, premium users are promoted. Subscribers can link their websites to their Tedooo profiles.
Tedooo is the image's credit.
The company received $3 million in seed funding, which was oversubscribed. According to Tal Shoham, the round closed in 24 hours and that the company is getting more funding offers.
Shoham said that the funding would be used to develop the best product. We are going to invest in the team and other areas. Most of the funds will be invested in the product and built on the features and technology. Around 70% of the money will go to the product.
Tedooo is going to look for ways to improve the platform to better connect people to do business and share tips with others. Additional features that are designed to connect people from all over the world are being developed. Tedooo believes that it can dramatically improve the features that it already has. Tedooo plans to expand into other categories in the future and is currently focused on the craft industry.
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