Via Raises $15 Million Series A to Revolutionize Mobile Commerce

The Rise of Mobile Commerce and Conversational Startups

Mobile commerce is currently experiencing significant growth, and increasing investment in conversational commerce startups highlights the substantial opportunities within this sector.

Via: Capitalizing on Mobile Trends

Via, a Bay Area startup established two years ago, is actively benefiting from this trend. The company has identified key shifts in consumer behavior.

Notably, a growing percentage of e-commerce transactions are now completed on mobile devices rather than desktops – potentially reaching 70% according to some projections.

Furthermore, text messages are typically read almost instantly, and consumers dedicate an average of 30 minutes daily to mobile messaging applications.

Beyond Broadcast Messaging: A Focus on Customer Experience

Via differentiates itself from many emerging startups by focusing on the complete consumer experience, rather than solely on broadcasting marketing messages via SMS.

The company aims to streamline processes like delivering coupon codes and initiating returns.

Addressing Mobile Shopping Limitations

According to Tejas Konduru, co-founder and CEO of Via, many retailers utilizing platforms like Shopify or BigCommerce often compromise the mobile shopping experience.

He explains that these platforms sometimes “cram everything into mobile,” resulting in limited space for product displays – often only accommodating a single image and a ‘Buy’ button.

Konduru envisioned a solution to replicate the comprehensive shopping experience customers enjoy on websites, but in a streamlined, mobile-optimized format.

Via’s Solution: Seamless Mobile Interactions

Via’s approach involves enabling businesses to connect with customers on their preferred devices and applications.

By integrating with platforms like Shopify and BigCommerce, Via transforms the entire shopping experience, allowing customers to browse menus and catalogs directly within apps like Facebook Messenger.

Additionally, Via can generate native iOS and Android applications from existing websites, complete with push notifications and in-app chat functionality.

Essentially, Via manages all shopping interactions that occur on mobile devices outside of the traditional web browser.

Significant Funding and Growth

The company’s vision is resonating with investors and customers alike.

Launched last year, Via now has a team of 54 full-time employees and serves 190 brands.

Recently, Via secured $15 million in Series A funding, led by Footwork, a venture firm founded by Mike Smith and Nikhil Basu Trivedi.

Investor Support

Other participants in the funding round included Peterson Ventures, Domo founder Josh James, Qualtrics’ Ryan Smith, and Lattice co-founder and CEO Jack Altman.

A Unique Pricing Model

Unlike traditional SaaS companies, Via doesn’t charge monthly or annual fees.

Instead, the company bills clients per interaction, encompassing SMS messages, voice minutes, video calls, and GIFs.

Impressive Return on Investment

Konduru reports that Via’s average customer experiences a 15x return on investment.

From its service launch in May 2020 through December of the same year, the company generated $51 million in sales.

While the exact amount retained by Via from these transactions remains undisclosed, the company is projected to achieve $10 million in annual recurring revenue this year.

Simple Onboarding Process

Getting started with Via is straightforward, according to the company.

Businesses utilizing commerce platforms like Shopify, WooCommerce, or Salesforce can create a mobile app with customizable interaction options in approximately five minutes.

Unexpected Two-Way Communication

Konduru, who previously worked in investment banking, expresses surprise at the extent of customer engagement Via facilitates.

While initially envisioned as a marketing channel for notifications regarding abandoned carts and deliveries, Via has become a platform for comprehensive two-way communication.

Beyond Notifications: A Full Spectrum of Interactions

Via handles approximately 15,000 return requests each month, initiating notifications through supported channels.

However, customers frequently engage in broader conversations with brands, addressing issues ranging from incorrect sizes to discount code problems and order inquiries.

This level of interaction was not initially anticipated by Konduru.

Prior to its Series A funding, Via raised $4.2 million in seed funding led by Peterson Ventures.

Konduru notes that customers are not simply viewing notifications and dismissing them; they are actively interacting with the brands.