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Teduo, a Tel Aviv-based social network marketed to the business world, has raised $3 million in seed funding led by Stardom Ventures. The platform is designed to foster and create global business communities through partnerships between sellers and buyers. Ted’s main focus is the handmade crafts and DIY industry in English-speaking countries.
The company was founded in 2020 when CEO and co-founder Michel Apelker collected thousands of business cards as he visited several countries to track down brands and establish partnerships. She decided to create a basic app for herself to manage the large number of brands she was creating relationships with. The app is designed for her to ask businesses for photos of new items and buy directly from them. She partnered with her brother Teduo, co-founder and CTO Mor Appelker, to build the app using his 10 years of developer experience.
Although the app isn’t officially available on the App Store, Michelle says people have started asking her for access to the app. After receiving feedback on their project, the couple decided to build a company around the platform. Today, Teduo has registered over 100,000 users in over 150 countries. The company says it has thousands of new organic users every week and plans to drive growth through marketing.
“We’re growing fast,” Michelle said in an interview with TechCrunch. “A month ago, we had about 100 people signing up every day. Now, we have 300 to 500 new signups every day. Things are changing very fast and we believe this organic traction shows that Tedu is a promising platform.
Image Credits: Teduo
As you browse Teduo, you can search for and follow the artisans you’re interested in. You can also view their catalog, prices and new items and send direct messages to purchase items. Some Teduo sellers link their website and Etsy to their Teduo profile, so buyers can purchase items directly. For sellers, there is limited space to manage orders and offers from buyers. Michelle said that for now, users cannot complete the payment process on Teduo, but the company plans to create a system that allows in-app payments.
In addition, one of the main features of Teduo is the “groups” function that allows users to chat with those who share their interests. These groups can be used to discuss common interests and share tips about doing business in that particular industry.
Some might compare the platform to Etsy, but Michelle Teduo says it’s a social network, not an e-commerce platform. However, she says the two companies share a common audience and industry, which is largely the craft and DIY market. Michelle also said that Etsy has a different business model than Teduo. Teduo does not charge for transactions and instead operates on a freemium model.
The free version of the platform offers users a number of features including food posts, chat, search, store listings, product catalogs, offers, reviews and more. Teduo offers a subscription that costs $24.99 per month and offers advanced features. As a subscriber, you can see who has viewed your profile and have the option to contact them about your products. Premium users are also automatically promoted in search results. Additionally, subscribers can link their e-commerce platforms, such as Etsy and eBay, to their Teduo profiles.
Image Credits: Teduo
The company’s oversubscribed $3 million seed funding round included $2 million from Stardom Ventures and $1 million from angel investors. Teduo founder and president Tal Shoham said the round closed within 24 hours and the company is receiving additional funding offers.
“We’re focused on making the best product for what we can do with the money,” Shoham said. “We will also invest in the team itself, HR and marketing and branding. However, most of the funds are invested in the product itself and build on the features and technology behind it. About 70% goes into production, and 30% goes into marketing.
As for the future, Michel and Shoham said Teduo is looking for ways to improve the platform to better connect people with businesses and share tips with others. The company is focused on developing additional features designed to easily connect people around the world in different communities. Tedooo believes it can improve the features and functionality it has already built. While the company currently focuses on the DIY and craft sector, Teduo plans to expand into more categories in the future.
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