Bright Pixel Capital led the $5 million Series A investment round for Mayan, a startup that develops software to optimize advertising and sales for companies that sell on Amazon
Bright Pixel Capital (formerly Sonae IM), the venture capital investment arm of the Sonae group, led the $5 million Series A investment round for Mayan, a fully remote startup that develops advertising optimization software and operations for companies that sell on Amazon.
The investment adds to $2 million in seed funding that the company, founded by four MIT engineers, raised a year ago from investors including Y-Combinator, Global Founders Capital, Alumni Ventures Group, ESAS Ventures and Alarko Ventures.
The capital will allow Mayan to accelerate the development of its advertising optimization platform and launch the self-service solution to improve sales performance.
This new solution will be available at a more affordable price than its base offer, which includes a specialized and dedicated account manager. The company is also releasing a free analytics and forecasting product for sellers on Amazon looking to better understand their overall business performance.
Finally, Mayan also intends to expand its solution to other operations, such as stock management and working capital. Amazon today brings together more than six million sellers in its ecosystem, with advertising becoming increasingly relevant, with growth from 7 to 31 billion dollars between 2018 and 2021.
“Selling efficiently on Amazon remains extremely complex, requiring analysis of multiple data sources and optimization across multiple business dimensions, including advertising, inventory and working capital. Mayan’s founders have a deep understanding of how to grow businesses on Amazon, and the platform they created allows their customers to access sophisticated technology to scale their businesses, with proven results, growing their customer base 5 times in one year”, declares Manuel Queiroz, Investment Director at Bright Pixel Capital.
According to Bright Pixel Capital, in just two years of operation, Mayan has helped generate more than $80 million in ad-related sales and more than $160 million in total Amazon sales.
“Many of our customers tell us that there is a gap in the solutions ecosystem for companies that sell on Amazon,” explains Chris Compean, co-founder and CEO. “One of our differentiating factors is that we develop our products in close contact with successful current and former sellers on Amazon, whether they are our customers or our teammates. At Mayan, we help our customers by creating data-driven automation and insights that help drive their growth.”