An enterprise products platform in Charlotte has scored $1.75 million in funding to help bolster the growth of its technology.
Craftom founder Caleb Musser said the capital will enable the company to build out its sales and engineering teams and launch an upcoming rebrand. It also plans to release a new information technology platform that "allows companies to buy and manage both IT equipment and software products on one dashboard," he said.
The capital will allow the company to move into a new warehouse to meet the growing demand for its products.
The round was led by Carofin and Carolina Financial Securities, both subsidiaries of private investment bank Carolina Financial Group.
Craftom, founded in 2020, helps streamline the purchasing, customizing, shipping and retrieval of corporate products under a single, business-to-business platform. That's feasible through Craftom's enterprise cloud front end and marketplace back end, which connects organizations with an estimated 10,000 vendors and 1 million business-to-business products.
The startup was created after Musser identified a gap in the corporate market, noting that one organization utilizing multiple vendors to purchase and ship products to remote workers could be a hassle for employers.
Since its inception, he said the company has grown its annual bookings nearly seven-fold.
Craftom plans to use the recent funding to "morph into and grow two separate brands," he told Charlotte Inno. The brand names will be revealed at a later date.
The first revolves around using its original business model to sell and deliver branded merchandise, or, as Musser calls it, "the marketplace for marketers." The other focuses on Craftom's hardware and software platform that allows companies to purchase, manage and deploy computer equipment and software products under one dashboard.
"Craftom’s automation-focused software, robust marketplace and fulfillment speed have created a meaningful competitive advantage for us over legacy resellers," he said.
