eCommerce fintech founded by two teens raises $18 million Series A

Three years after a record $2.2 million pre-Seed round for two teenagers to solve the problem of abandoned online sales, their eCommerce fintech has raised another $18 million in a Series A.

The round for Brisbane startup Instant was led by Belgian early stage VC Hummingbird Ventures, which revels in the title “the best venture firm you’ve never heard of”, supported by existing backers including Blackbird, syndicate fund TEN13 and Westpac’s VC fund Reinventure, as well as Zip cofounder Larry Diamond, Tinder founder Justin Mateen and the Accel Ventures scout fund.

While the media release announcing the raise said “every existing investor… doubled down for the third time,” Instant did not announce its Seed round and when pressed by Startup Daily for details, declined to respond.

The Series A values the business at more than $100 million. The cash is earmarked for international expansion, especially in North America and automation for online sales, while also building out the product and engineering teams.

Liam Millward, 21, and William Gao, 22, founded Instant in April 2021, originally to build the world’s simplest checkout experience.

Instant now describes itself as an “all-in-one retention marketing platform for eCommerce brands” .

Millward, the CEO, said they expect to triple revenue growth and the headcount in 2025.

“Our growth has exploded over the past year, taking our revenue from zero to $1 million ARR in just six months,” he said.

“We’re adding over $1 million in revenue every single month, and this fundraise allows us to grow even faster, by accelerating product development and continuing our focus on self-service capabilities, which are critical for scaling in North America.”

The startup’s client list includes July Luggage, Peppermayo, Fayt the Label, Toys R Us, STAX, and Ally Fashion.

Millward said 98% of online shoppers leave without making a purchase and most brands have no idea who they are.

“Instant changes that. By unlocking lost shoppers and converting them into loyal customers, Instant drives repeat revenue at scale,” he said.

The platform sends shoppers an email when they abandon their carts.

Hummingbird’s APAC lead investor Akshay Mehra said Instand is looking to redefine eCommerce.

“The founders embody the relentless drive and ingenuity we seek, with a clear focus on solving a critical challenge for digital brands,” he said.

“We’re proud that this marks Hummingbird’s first investment in Australia and believe Instant is the perfect partner to kick off our journey in the region.”