Tyson Ventures, Winrock lead $500,000 funding round for Bentonville tech startup Rejoicy
by May 12, 2021 5:33 pm 1,407 views
Bentonville-based tech startup Rejoicy, which focuses on helping businesses sell online, got a $500,000 pre-seed funding round led by Springdale-based Tyson Foods’ venture capital arm, Tyson Ventures, and Winrock International.
Rejoicy said it will use the funding to invest in partnerships, expand operations and continue improving its product. The company also said its Artificial Intelligence-powered shop creator and marketplace can help online stores run more effortlessly.
“We built Rejoicy as a way for businesses to create a full e-commerce experience in just a few clicks by removing barriers that may slow down the process,” said Edwin Ortiz, co-founder and CEO of Rejoicy. “But more importantly, our platform allows businesses to connect and build their community by helping them get discovered through the marketplace.”
Rejoicy said it will seek new clients who want to avoid expensive web development or purchasing a domain. The startup has developed a process for businesses to create, manage and promote an online store without touching a computer through their AI software.
Tyson said its investment arm is always looking for new technologies that have the potential to transform the food industry.
“We believe Rejoicy’s platform has the potential to disrupt the e-commerce sector by simplifying the process in which businesses create online storefronts to sell directly to consumers,” said Rahul Ray, director of Tyson Ventures.
Rejoicy said its platform has proven successful in the industry, with thousands of orders processed during its initial pilot as the COVID-19 pandemic created an increased need for retailers to have a simple e-commerce/omnichannel solution. This round of funding is aimed at helping Rejoicy’s further growth as the economy returns to normal.
“Rejoicy is an innovative Arkansas startup, and we are proud to support their growth at this critical stage,” said Linsley Kinkade, senior director of U.S. programs at Winrock International. “By providing early-stage capital to promising companies like Rejoicy, the Validation Fund at Winrock International is contributing to job creation and economic prosperity in Arkansas.”