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Ohi Lands $19 Million Series A Funding Round

October 20, 2021 BeautyMatter
October 20, 2021
Jake Nebov via Unsplash

Ohi, the next-generation instant commerce platform that enables brands to meet their customers' expectations of superfast delivery in under two hours, closed a $19 million Series A funding round.

WHO: Ohi is the leading instant commerce solution for direct-to-consumer brands looking to grow their business by enabling powerful post-purchase experiences. Leveraging its proprietary, data-driven inventory management technology and robust micro-warehouse platform to forward-position inventory within city centers, Ohi enables brands to offer a premium, environmentally responsible, instant delivery experience to their customers. The company currently serves New York, Brooklyn, Chicago, San Francisco, and Los Angeles.

WHY: Ohi will use the new investment to expand throughout the US, with a near-term goal of operating in 25 cities by the end of 2022. Ohi will also use the funding to expand its product offering to include delivery in under 20 minutes.

IN THEIR OWN WORDS: "In the last year, the e-commerce market has seen significant growth driven mainly by small and medium-sized companies, despite them making up just 32% of the market," said Nick Hsu, Partner at Palm Drive Capital.

“We are starting to see a major shift towards instant delivery play out more broadly across the DTC market space, and Ohi has effectively captured the post-purchase customer experience the same way that Shopify has created a renowned pre-purchase one.”

“It's no secret that the future is instant," said Justin Mateen, Principal at JAM Fund. "Ohi has the vision to completely transform the post-purchase space, enabling instant commerce for everyone, everywhere, without depending on large marketplaces. Ohi is led by an inspired and driven leader, and I'm proud to have invested in the team shaping the future of commerce.”

DETAILS:

  • Ohi has landed a $19 million Series A funding round led by Palm Drive Capital, a New York–based venture capital and growth equity fund, with participation from JAM Fund, a Los Angeles–based venture capital firm led by internet entrepreneur Justin Mateen.
  • Additional investors in the round included Flybridge Capital; Afore Capital; RiverPark Ventures; Ryder Ventures, the corporate venture capital arm of Ryder System, Inc.; Peter Rahal, Founder of RXBAR; Edward Shenderovich, Founder of Knotel; and Electric Feel.
  • Brands that partner with Ohi realize significant ROI via improved customer satisfaction, an average increase in conversion of 28%, and increases of up to 120% in repeat purchase rates. Consumers who order with Ohi have up to 35% higher LTV for brands than those who choose a UPS/FedEx shipping option.
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