# Lorem Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/lorem-technologies

- Industry: Internet
- Headquarters: New York, US
- Website: www.asklorem.com
- Total disclosed funding: $3.6M
- Latest round: Seed (Oct 25, 2018)
- Investors on record: 5

## About

Lorem Technologies, Inc. is a specialized platform facilitating connections between businesses and skilled Shopify freelancers, aimed at optimizing e-commerce operations and enhancing online presence.Founded in 2016 in New York, US, Lorem Technologies, Inc. operates a marketplace for hiring Shopify experts. The company has undergone no significant pivots or changes in operations since its inception. The firm was co-founded by Charlie Fogarty and Sam Wilcoxon, with Charlie Fogarty currently serving as CEO. As of October 25, 2018, Lorem Technologies, Inc. raised USD 2.5 mn in Seed funding led by Flybridge Capital Partners, with participation from FJ Labs, Founder Collective, Fresco Capital, and HubSpot, Inc. The firm has executed 4 deals to date, with the total amount raised reaching USD 2.5 mn.Lorem Technologies, Inc. specializes in connecting businesses with top freelance Shopify experts to enhance their e-commerce operations. The primary offering is a marketplace platform that enables the hiring of skilled professionals for various services, including store design, app development, and comprehensive Shopify management. This assists businesses in improving user experience and potentially increasing sales. The client base largely consists of small to medium-sized enterprises across diverse sectors looking to establish or enhance their online presence, with services available in North America, Europe, and parts of Asia.Lorem Technologies, Inc. generates revenue through a commission model applied to transactions between clients and freelance professionals. When a business hires a Shopify expert through the platform, a service fee is added to the project cost, allowing the company to earn a percentage of each transaction. This B2B structure involves businesses directly engaging with freelancers for tailored services, with varying pricing plans based on service complexity and scope, including options for one-off projects or ongoing support agreements.Lorem Technologies, Inc. plans to utilize its recent funding from the Seed round raised on October 25, 2018, amounting to USD 2.5 mn, to support its initiatives for future growth. The company is focusing on expanding its marketplace offerings and is targeting further geographical expansion into Asia and Europe by 2022. Additionally, there are plans to develop new features on the platform aimed at enhancing user experience and streamlining the hiring process for both businesses and freelancers.

## Funding rounds

- Seed, Oct 25, 2018, $2.5M — Flybridge Capital Partners, Founder Collective, HubSpot, Inc., Fresco Capital, FJ Labs
- Seed, Jun 2, 2017, $1.1M — Flybridge Capital Partners, Founder Collective

## Investors

- Flybridge Capital Partners (https://capitalatlas.ai/funds/flybridge-capital-partners) — Seed
- Founder Collective (https://capitalatlas.ai/funds/founder-collective) — Seed
- HubSpot, Inc. — Seed
- Fresco Capital — Seed
- FJ Labs (https://capitalatlas.ai/funds/fj-labs) — Seed