Investors like what they see with Downstream’s traction.
The Seattle startup that helps brands with their Amazon advertising strategies has reeled in an additional $2 million, bringing total funding to date to nearly $4 million.
Existing firms including Haystack and Founders’ Co-op “doubled down” on their previous investments, said Connor Foley, co-founder and CEO at Downstream. Revel Partners, Math Capital, and Tuesday Capital also invested.
Downstream is among a bevy of startups building software that helps vendors, sellers and agencies manage their marketing investments on Amazon, which has seen advertising spend on its e-commerce site skyrocket in recent years.
Brands that have been spending money with Google and Facebook are now realizing they have a third option to reach consumers. But Amazon is new to brand advertising, and brands are new to Amazon, which presents an opportunity for Downstream to offer automated tools that do more than what Amazon already offers.
Folley, an ex-Amazon marketing manager, and Salim Hamed, who worked in business intelligence engineering for Amazon Web Services, launched the company in late 2017. Downstream helps clients see their KPI trends over time, geography, brand, product, or keyword, with the goal of providing ad-spend recommendations.
Folley said the company is seeing increasing demand for its product, in particular from “household bluechip brands.”
“And on top of that, unlike San Francisco, there’s a bunch of quality Seattle talent/Amazonians ‘sitting on the bench’ that we are chomping at the bit to hire as customer activations pile up,” he added.
Downstream graduated from the Techstars Seattle accelerator last year. Other investors include Liquid2 Ventures, Techstars Ventures, Unlock, Alumni Venture Group, and other angels. The company employs 14 people out of its office at Create33 in downtown Seattle.