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Compatio founder and CEO Tim Baynes participates in the Efactory's 2019 Demo Day event. The company has raised $2.4 million to date.
SBJ file photo
Compatio founder and CEO Tim Baynes participates in the Efactory's 2019 Demo Day event. The company has raised $2.4 million to date.

Compatio raises $1.5M in seed round

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Springfield-based e-commerce software developer Compatio LLC raised $1.5 million in a seed round.

The round was led by Kurt Hellweg, former CEO of American Dehydrated Foods, with a $250,000 investment from the Missouri Technology Corp. and participation from existing and new investors, according to a news release. Hellweg's investment was undisclosed.

“E-commerce was growing at a rapid pace and the COVID-19 pandemic accelerated that growth. However, many retailers selling products that include multiple components have failed to create an effective online user experience, limiting their ability to take advantage of e-commerce opportunities,” Hellweg said in the release. “We are excited about Compatio’s solution as it recreates a personal user experience in an e-commerce environment.”

With the latest funding round, Compatio has raised $2.4 million to date. Compatio in 2019 announced it had raised $1.25 million at the Efactory's Demo Day event, the culmination of a three-month accelerator program, according to past reporting. In April 2020, the company reported $1.25 million in investments secured the prior year and that the new $1.5 million  funding round had been launched.

With the latest seed round, Compatio intends to grow its sales and marketing efforts, as well as accelerate product development, according to the release.

“Consumers and corporate buyers will continue to rethink the retailers they work with, and those that focus on selling a holistic solution versus a series of products will win out,” said Tim Baynes, founder and CEO of Compatio, in the release. “Retailers can not only increase sales and improve customer loyalty, they can increase margins.

"Our retailers are seeing several hundred percent ROI within just weeks of implementing our system.”

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