That explains a lot more. They just raised most of it.
But after $4.6 mil they don't even have a checkout system?!? Or search? Or customer service? Or even competitive wages?!?
But after $4.6 mil they don't even have a checkout system?!? Or search? Or customer service? Or even competitive wages?!?
Search is hard. They have search already, but they want it make it better and more relevant to the user's taste and buying history I imagine.
Customer Service => manpower => salaries => money => funding.
Competitive wages: I'm sure Etsy pays it's employees well, but I doubt it's at market value (although it's probably damn close). But they want to take care of their existing employees and hire new ones and pay them all well, which I think is admirable.
The funding isn't absurd. Etsy can and probably will be huge. I've seen nothing from their execution and growth so far that indicates that they're a mirage or about to tank.
For a company with a revenue model, growth, and a large market to raise a 30 million series B isn't exactly earth shattering.