INSUBCONTINENT EXCLUSIVE:
A startup that has framed itself as an Instagram for websites is now squaring up against Shopify as it nabs new funding from Google venture
capital arm.
Brooklyn-based Universe has just closed a $10 million Series A from GV
The funding round was well in the works before the COVID-19 pandemic took hold stateside; nevertheless, CEO Joseph Cohen definitely sounded
relieved to have everything signed.
&Hopefully, it&ll take some weight off their shoulders that may have been there otherwise,& said GV
Siegler, who led the deal and is taking a seat on their board.
Universe, an Instagram for building mobile websites, nabs funding from
YC
When the team launched out of YC two years ago, the initial aim was to be the go-to short link for young people and creatives to stick
The mobile app allowed users to create very basic landing pages, allowing them to type up some text, toss up photos and arrange their
creation across a couple of web pages.
As the startup matures and looks to home in on a more robust business model, they&re now looking to
build an incredibly low-friction commerce platform
Users can add a shopping &block& to their site, add a photo, description and price and then start accepting orders.
&We&ve gone from a
landing page builder to a full-fledged website builder,& Cohen told TechCrunch in an interview.
Universe is going after what Cohen calls
&very small businesses.& This could be an artist selling prints, a yoga instructor charging for Zoom classes or one of their latest
customers, a farmer selling live bait
&These are people who don&t work at desks,& Cohen says.
Shopify has been one of the biggest tech success stories of the past several years,
but Cohen sees weaknesses for Universe to capitalize on
Shopify is &complex and not mobile-first,& he says
Universe not only doesn&t require a developer to implement, it doesn&t seem to require someone that particularly tech-savvy.
The price of
simplicity for the end user is a hefty cut for Universe
At launch, the company isn&t taking a percentage for the first $1,000 of a customer revenue, but will take a 10% slice thereafter, a number
that notably multiples higher than the rates of competitors.
Cohen acknowledges that if a business succeeds, this can be a significant
expense for them, one that might push them to another platform
He say that he wants to figure out a model that can help his startup &grow and scale& with their customers, but he didn&t offer up any
details on what that might look like.
The team is still working with free and paid &pro& tiers that offer advanced features like analytics
Commerce features will be available for both tiers.
Universe has raised $17 million to date
Other investors include Javelin Venture Partners, General Catalyst and Greylock Partners.
We chatted with GV M.G
Siegler about closing this deal and how his role as an investor has shifted since the current crisis took hold
You can read that interview on Extra Crunch.
GV M.G
Siegler on portfolio management, crisis fundraising and his latest investment
