The investment was co-led by Unusual Ventures, Motive Partners, and Bain Capital Ventures to fuel international expansion and product development.
"High-potential companies struggle to cope with large volumes of international payments and there is a huge gap in the market — at one end you have inefficient local solutions; at the other, you have the tier-one global providers, inaccessible to all but the world’s biggest businesses. Businesses have no option but to stitch together a costly and complex patchwork of service providers and this is the pain point that Paytrix is stepping in to solve."
The seed round was led by Octopus Ventures to support platform growth and white-label expansion.
"I am absolutely convinced that the future of fashion is circular, and we are proud to be at the forefront of this accelerating consumer shift. In the UK alone, customers spend £2.7 billion on outfits they wear just once while more than $400 billion of clothing is discarded across the globe each year – another shocking statistic. As a millennial, I’m part of a generation that loves shared ownership. We’ve all witnessed the rise of disruptive tech-first businesses such as Airbnb and Uber and if we can rent our houses and cars, why not our wardrobes."
General Catalyst led the round, which will finance the company's international growth strategy and technology scaling.
"We’ve been extremely fortunate in 2020 to accelerate our growth, strengthening our expertise in technology-enabled, customer-centric flower gifting. We’re privileged to have played our part in keeping people connected in this difficult period, and I’m proud of our growing team for scaling our operations whilst maintaining the signature thought and care we put into every order. With this new backing from General Catalyst and Index we start 2021 with renewed energy to pursue our vision of becoming the world’s leading and most loved flower company."
