Skio, a startup that promises to make selling subscriptions easier for brands, has acquired $3.7 million in a seed round. The company was started in April by Kennan Davison, an engineer who previously worked at Hulu and Pinterest.
Skio is a financial and infrastructure firm that he characterizes as a pivot from a previous idea through Y Combinator. Skio is competing against incumbents such as ReCharge Payments, which, like Skio, has built subscription software for e-commerce firms and was valued at $2.1 billion earlier this year after a $227 million funding round.
The New York-based firm assists Shopify companies in selling subscriptions by managing and scheduling payments and anything consumer-facing related to the process, such as creating a customer site for handling subscriptions and SMS subscription management, among other things.
“With this quicker building, we’re able to do better than current solutions with one-click checkout with Shop Pay, which increases conversions; passwordless login, which reduces customer tickets; 10x faster subscription editing; a ready-to-go headless subscription portal that leads to instant loads; group subscription discounts, and an easy migration from ReCharge.”Kennan Davison
MuteSix’s Daniel Rutberg and Moody Nashawaty, Shaan Puri, Italic CEO Jeremy Cai, Tilt co-founder and Magic Mind founder James Beshara, Julian Shapiro, and Sahil Bloom, as well as the founders and executives of Immi, Thingtesting, Taika, Smile.io, Literati, Linjer, Raycon, Cresicor, Carted, Orchard Analytics, and Cohere, participated in the funding.