Memo Template

Crstl Opportunity TL;DR

Every brand is becoming omnichannel (i.e., physical store, web, mobile, wholesale, etc). As brands shift omnichannel, tracking revenue and goods in real-time becomes impossible. Crstl solves this.

Crstl aggregates key e-commerce data (B2B transactions, vendor requests, business metrics, etc) into a single actionable dashboard. Ecommerce back-office teams use Crstl for collaboration and workflow automation in the same way customer success teams use Front’s collaborative email solution. As of today, the beta product offers a single view of all multichannel orders (B2B & B2C) with over 20 integrations ranging from Shopify, to Amazon to Quickbooks, to EDI systems and shipment tracking.

Becoming the system of record for omnichannel e-commerce teams also lays the future for product extensions including systems of record tooling, financial products, and potential marketplace offerings.

While it’s early, Crstl has seen traction with its enterprise customers, including customer name, customer name, customer name:

- $0 to ≈$20M ARR - 0 to 10K members - Avg 58% WAU - 99% acquired via unpaid sources

Reasons to Believe:

LINK TO INVEST AL SYNDICATE (Added by Intangible Later)

A Story of Antiquated Tooling (Problem)

While Shopify and Amazing have digitized sales transactions back-office operations for most e-commerce is still in the dark ages operating off spreadsheets and legacy ERP systems. The modern e-commerce merchant wants real-time answers to questions like “where are my goods?” and “how much money did I make yesterday?” In October of 2021 Shopify announced its Global ERP solution connecting the Shopify platform to other key business data like financial info and inventory. Crstl plans to do for “the rest of e-commerce” what Shopify and Amazon are building in-house for their own ecosystems.

How It Works (Solution):

As a customer reaches checkout, Accelpay identifies where the customer is located, sends a simple API request, and intelligently matches the customer to an entity to legally fulfill the customer’s order. The team has built out its own proprietary network of licensed retailers enabled with real-time inventory and passes all the data back to the producer.

Differentiated Technology

Go-To-Market

The initial GTM is focused on merchants with GMV of $5 - $100 million especially CPG, beauty, personal care and home goods. A typical buyer is a head of operations, or someone on the finance or revenue team. In the US alone, there are 2 million e-commerce businesses fitting this description and another 20 million SMBs.

GTM has been focused on craft brands (originally it was all cold outreach, but now getting organic inbound interest from brands, referrals from agencies, referrals from other brand owners, and referrals from our liquor store partners). Multiple strategic investors in this round will help pursue mid-market and enterprise deals at companies like Beam-Suntory, LVMH, Diageo, Brown-Forman, Pernod Ricard, etc.

Traction & Business Model

Currently, Crstl is live with 55 customers and is tracking north of $25 million in gross transitions. Crstl has a SaaS business model with tiered subscriptions (pricing starts at $XX) and will also upsell additional premium features. In the future, the company plans to embed financial services such as invoice factoring.

Team:

Team Member #3

Team Member #4

Team Member #5

Current Fundraise Deal Terms:

LINK TO INVEST AL SYNDICATE (Added by Intangible Later)

Intangible is syndicating $100k of a $3m round at $17M Post.

The terms are $17m post on SAFE. The current $3m round is being led by MASTRY (Coinbase, Brex, DataDog) taking $2.5m along with AVG Basecamp (BlockFi, Levels) taking $400k. Sam Landman of MASTRY will be joining the board - Sam also sits on the board of Hippo Insurance, previously Zola, etc.

Crstl previously raised a pre-seed of $1 million during 2021 and only spent $150,000 during that time. The $3m raise sets the team up with 24+ months of runway and will be focused on growth, product and operations including hires in sales, engineering, and customer success.

Strategic Angels

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