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Essential Platform Services
Location: 111 S Jackson St, Seattle, Washington, United States United States
Founded in: 2016
Stage: Revenue generating
Number of employees: 1-5
Funding history:
- Date: 04/2016, Seed: $750 k (post valuation: undisclosed amount).
Short URL: vator.co/essential-platform-services
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Essential Platform Services

Powering Frictionless Commerce
Startup/business
Seattle, Washington, United States United States
https://essential.to/
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Company description

Essential offers a B2B frictionless commerce platform that leverages conversational intelligence (AI/NLP) to enable marketers to drive ecommerce transactions within the messaging apps where their customers live every day (SMS, iMessage, FB Messenger, etc). With a lean team and modest amount of capital to date the company has built an enterprise-grade platform operating at scale, has early customers experiencing compelling ROI, and as of end of April is running at $45k MRR. The core team has strong ecommerce, SaaS, AI/NLP, analytics and startup experience.

With a massive shift in the market towards messaging-first user experiences, there is enormous potential for marketers to drive revenue by creating frictionless commerce opportunities within the messaging applications used routinely by end consumers. Essential aims to define a new frontier of commerce over messaging whereby customers interact and transact with businesses as they would a close friend. Unlike chatbots and other solutions requiring significant development and handcrafting, Essential is out-of-the-box ready to empower marketers to harness the promise of frictionless conversational commerce, and thereby improve conversion and grow revenue by intelligently engaging with and selling to customers over popular messaging applications.

The company also has strong local investor (Seattle) support, as the bulk of an seed tranche came from Madrona Venture Group, Seattle’s premier local venture capital fund (Amazon, Isilon, Apptio). The company was originally formed in Madrona’s incubator (Madrona Labs), before being spun out in 2016 with initial team and funding.  Essential is now raising an additional tranche of its seed round to further its sales development and fuel it to Series A trajectory. 


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Team
Business model

Essential has a hybrid SaaS business model with customers paying a monthly recurring fee for access to the platform and volume-based per message fees based on the number and type of message sent each month. 

Competitive advantage

1.Marketer-ready out-of-the box
2.No dev required
3.Conversational transactions
4.Results at scale
5.Deep domain expertise in commerce & communication

 

Investors
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Madrona Venture Group - Unconfirmed