Convertible Note Funded Commerce and Shopping Startups
The 12 most recent convertible note rounds in commerce and shopping span roughly one year, from November 2021 through October 2022, and range from a $300K…
The 12 most recent convertible note rounds in commerce and shopping span roughly one year, from November 2021 through October 2022, and range from a $300K raise by Good Clean Love in Eugene, Oregon to Udaan's $117M note closed in Bangalore on October 27, 2022. Udaan is a clear outlier in size; the remaining disclosed rounds fall between $300K and $10M, with Crowdz (Campbell, California) and North Ladder (Dubai) each landing at $10M. Three companies — Sendo (Ho Chi Minh City), Vetwork (Cairo), and Teegara (Cairo) — closed on undisclosed terms.
Geographic distribution is notably diverse for a single instrument type: six companies are US-based, spread across San Francisco, New York, Brooklyn, Campbell, Memphis, and Eugene, while the other six are headquartered across India, the UK, Vietnam, the UAE, and Egypt. Cairo appears twice in a single month window, with Vetwork and Teegara both closing notes in May–June 2022. The convertible note structure here spans early-stage consumer retail through larger B2B platforms, reflecting the instrument's broad applicability across company maturity levels.
Most recent rounds
12 shownRelated listings
Frequently asked
What is the largest disclosed convertible note round among these commerce and shopping companies?
Udaan, based in Bangalore, closed the largest note at $117M on October 27, 2022 — by a wide margin. The next largest disclosed rounds are $10M each from Crowdz (Campbell, California, April 2022) and North Ladder (Dubai, May 2022).
How are these companies distributed geographically?
Six of the twelve companies are US-based, spread across San Francisco, New York, Brooklyn, Campbell, Memphis, and Eugene. The remaining six represent a broad international spread: Bangalore, London, Ho Chi Minh City, Dubai, and Cairo — the last of which appears twice, with both Vetwork and Teegara headquartered there.
How many of these rounds have undisclosed amounts, and which companies are they?
Three of the twelve rounds — Sendo (Ho Chi Minh City), Vetwork (Cairo), and Teegara (Cairo) — did not disclose raise amounts. All three are based outside the US and UK.
What does the deal size distribution look like when the Udaan outlier is excluded?
Excluding Udaan's $117M note, disclosed amounts range from $300K (Good Clean Love, Eugene, January 2022) to $10M. The majority of disclosed rounds fall at or below $2M: TapRm at $2M, Camp at $2M, AGORA at $4M, Merchbar at $1M, S+V Technologies at $500K, and Good Clean Love at $300K.
What time window do these 12 rounds cover?
The rounds span approximately one year, from Merchbar's $1M close on November 3, 2021 in San Francisco through Udaan's $117M close on October 27, 2022 in Bangalore.
Are there any geographic clusters worth noting for sales prospecting in this segment?
Cairo stands out with two convertible note-backed commerce startups (Vetwork and Teegara) closing within a month of each other in May and June 2022, both on undisclosed terms. Within the US, New York-area companies — Camp (New York) and TapRm (Brooklyn) — each raised $2M notes, both closing in late 2021 through early 2022.
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