SeedBlink Blog

Nikolay Iliev, CloudCart's co-founder and CEO, is an entrepreneur with a track record in growing start-ups. He has successfully spearheaded three business exits: an online marketplace, a corporate listing service, and an online travel agency, focusing on strategic growth and profitability.

Can you share a bit about your journey and what drove you to co-found CloudCart? What inspired you to enter the eCommerce industry and create a platform like CloudCart?

In fact, the journey started long before CloudCart was founded. I was born in 1986, and my career path began at a very early stage of my life in 2001. The pivotal point that led to the CloudCart creation was when one of the most important people in my life believed in me, in my dreams and goals - my brother Petar Iliev, who is a technical expert with extensive experience in the online industry and CTO of the core development team at CloudCart.

We’ve been taught from a young age that in order to achieve something you really want, you must be ready to work very hard and leave the fear of the unknown behind. When someone believes in you, it gives everything a new meaning, and the responsibility you are taking on becomes a huge driving force (of course, when the cause is so promising it’s definitely worth it).

Thinking about it, our past experiences of building one of Bulgaria’s first agencies to work with online retailers, then creating ShopZone, the country’s first virtual online mall, and developing a product solution for building marketplaces (the last one scaled to 8500+ customers globally) have all shaped CloudCart’s foundation.

We started as a web studio that served the interests of 500 clients, creating our own projects related to online commerce in various forms along the way.

The dream turned from an idea into reality in 2016. Our goal was to help manage an online store with just a few clicks, saving time, money, and human resources. To understand the digital world well enough to create a product that will continuously benefit the user. The dynamics of digital development helped us see what all merchants need, so that we can use it and make CloudCart the perfect business partner.

The eCommerce industry has seen significant growth in recent years. How has CloudCart adapted to the changing landscape, and what do you see as the most important trends in the industry right now?

The eCommerce industry is rapidly evolving which requires CloudCart to stay ahead by constantly updating our platform with the latest features and integrations. We focus on AI innovations, as this is a key trend shaping the industry. Our agile approach allows us to quickly adapt to market changes.

Just a few days ago, we officially introduced our new AI tool named CloudIO. With its implementation, we have transformed the way online merchants create and manage their content. We've achieved up to five times lower costs for product descriptions and a five times faster process for SEO optimization for search engines. Moreover, we've managed to save over 90% of each merchant's time, which they can reinvest in other aspects of their business. These results are not just numbers – they are a testament to the power and undeniable necessity of artificial intelligence in today's eCommerce landscape.

CloudCart's goal is to provide local support and localization for each market it enters. How do you approach tailoring your services to different regions, and what are the challenges and opportunities associated with this strategy?

At CloudCart, we understand the importance of localizing our services for each market we enter. This approach isn't just about adapting our platform; it involves a deep commitment to understanding and meeting the unique needs of each local community. To achieve this, we collaborate closely with local experts, tailoring our payment and shipping options to align with regional preferences and ensuring our offerings are culturally relevant.

One of the key strategies in our localization efforts is forming strategic partnerships. For instance, our collaboration with Raiffeisenbank in Romania is a prime example of how we work with local banks and other partners to not only raise awareness about eCommerce but also to educate and support rapidly growing markets and aspiring eCommerce entrepreneurs.

In every market we operate, we offer dedicated support through localized teams. These teams are specially created and trained to address the specific needs and nuances of their respective markets. They are crucial in developing and providing integrations with essential local business tools, suppliers, ERP systems, logistics centers, and other resources crucial for successful market entry and operation.

Moreover, each local partner benefits from the support of our dedicated partner team assigned specifically to them. This support structure is designed to help our partners sell more effectively and grow faster. It's not just about providing a platform; it's about building a community and an ecosystem where everyone involved — CloudCart, our partners, and ultimately our customers — thrives in the dynamic world of eCommerce.

Could you share some success stories or examples of businesses that have leveraged CloudCart to achieve growth and success in the eCommerce space?

We are proud to be the leading eCommerce platform in Bulgaria, with over 1600 clients spanning various eCommerce niches. We have assisted small, medium, and corporate-level businesses in establishing their successful online presence. Thanks to our extensive experience, we remain closely connected to the industry, enabling the growth of each client. In other words, we don't lack success stories; quite the opposite—we are driven by our clients' success, which is also integral to our business and pricing model.

Despite numerous success stories, a few stand out as unique cases requiring custom solutions. One such client is T MARKET Online, a grocery retail brand that urgently needed to launch an online store during the COVID-19 pandemic. Working closely with T MARKET, we helped them build their brand and transition from zero to a fully functional online store in less than 45 days.

We are excited about their success because they swiftly developed their online presence strategy, and with our assistance, their user-friendly online store became a reality in no time, meeting all user requirements.

For T MARKET, we developed custom, sophisticated technological solutions, including a system that integrates with custom supplier schedules, adjustable time slots for deliveries, and flexible pricing options. Most importantly, we shared our team's extensive experience in eCommerce and offered real-time communication.

Another success story we are proud of is Trastena Wines. They also had an emergency situation, but we collaborated with the exceptional marketing manager of Trastena to rebuild their old website into a fully functional online store in just 10 days. We mention Trastena deliberately because, despite being online on the smaller side, we tailored a solution to meet their exact needs. It’s no surprise that the self-serving capabilities of the platform were identified as the most valuable feature by their marketing manager.

In summary, regardless of our client's development stage, we can facilitate their journey to the next level with relative ease.

What is your vision for the future of CloudCart, and how do you plan to continue assisting businesses in the ever-evolving world of online commerce?

Our vision for CloudCart is to be at the forefront of the eCommerce revolution, not just as a platform provider, but as a catalyst for business transformation. We see ourselves as enablers, empowering businesses of all sizes to realize their full potential in the digital marketplace. To achieve this, we are continually evolving our platform to be more intuitive, powerful, and versatile, ensuring it not only meets the current demands of online commerce but also anticipates future trends.

In the ever-evolving world of online commerce, our focus remains on innovation and adaptability. We plan to integrate more advanced technologies like AI and machine learning to offer predictive analytics, personalized shopping experiences, and efficient operational management tools. These advancements will allow businesses to stay ahead of the curve, providing insights that drive informed decision-making and foster growth.

Moreover, we are committed to expanding our global footprint, reaching out to new markets, and continuously enhancing our localization capabilities. This means not just adapting to different languages and currencies, but also understanding and integrating local business practices and consumer behaviors.

Collaboration and community-building will also be central to our strategy. We intend to strengthen our partnerships with other tech companies, logistics providers, and financial institutions to build a robust ecosystem around our platform. This ecosystem will provide businesses with all the necessary tools and support, from setting up their online store to expanding their reach globally.

Ultimately, our goal is to make CloudCart synonymous with eCommerce success. By providing a platform that is both powerful and easy to use, we aim to democratize access to advanced eCommerce tools, making them available to businesses of all sizes. We believe this approach not only benefits our clients but also contributes to the overall growth and dynamism of the global digital economy.

As you continue to grow, what kind of support are you seeking from potential investors to further enhance CloudCart's journey towards commercialization and global expansion?

We are looking for partners who can offer strategic insights and guidance as we navigate new markets and competitive landscapes. Specifically, we're interested in investors who have a deep understanding of the eCommerce sector and can provide valuable networks and connections that can accelerate our growth.

In terms of financial investment, we aim to allocate resources strategically in several key areas:

• Customer Acquisition: Partnering with local entities to serve client needs while leveraging our platform's technological advantages to maximize online merchants' profits.
• Market Expansion: We've already laid the groundwork in countries like Greece and Romania, which hold great potential and focus for us. Furthermore, we're eyeing untouched markets facing minimal competition, such as Serbia, Albania, Macedonia, Bosnia and Herzegovina, and Croatia.
• Platform Enhancement: We strive for continual technological innovation and development, so we can be in line with emerging technologies and trends and stay ahead of the curve.
• AI-Powered Innovations: Building and refining features centered around AI automation and skills. We take pride in our product's ability to raise online stores to premier positions on Google search, optimize product catalogs, and automatically generate engaging content driven by artificial intelligence.

Ultimately, the kind of support we seek is a combination of financial investment and strategic partnership which will collectively propel CloudCart’s journey to becoming a global leader in the eCommerce platform space.

Given the competitive landscape in the eCommerce sector, could you shed light on how CloudCart has navigated fundraising challenges? Are there any plans or considerations regarding an ESOP to incentivize and retain top talent within the company?

Navigating the fundraising challenges in the competitive eCommerce sector has been an intriguing journey for CloudCart. We've focused on showcasing our unique strengths, such as our adaptability to market changes, especially with AI and machine learning innovations, and our approach to localization in various markets. Demonstrating our track record of rapid growth and market penetration has been crucial in attracting investors.

Regarding an ESOP, we recognize the value of incentivizing and retaining top talent. Talented individuals drive innovation and growth, and it's important for us to acknowledge and reward their contributions. While I cannot disclose specific details at this moment, I can affirm that we are actively exploring various incentive programs, including ESOPs, to ensure that our team members are not only participants in CloudCart's journey but also beneficiaries of its success. These plans are aligned with our broader strategy to foster a committed and motivated workforce, which is essential in a dynamic and competitive industry like eCommerce.

Why should investors consider joining this round and supporting CloudCart's mission?

During last year we demonstrated that we can speed up our growth and conquer markets outside of Bulgaria. Now is the time to accelerate even more with our Partners First market approach and the eCommerce-as-a-service model of delivering value to eShop owners and teams.

CloudCart isn't just another eCommerce solution—it's the future of agile, scalable online business. With proven success in emerging markets, a visionary team boasting a decade-long legacy in the eCommerce arena, and a strategy poised for rapid expansion, we represent a prime investment opportunity.

If you are wondering why to invest in us - the answer is clear:

• Proven track record in the eCommerce industry
• Accelerated growth
• Financially stable company
• Strict focus in a highly saturated market
• Opportunities to participate in company growth
• Business with strong Local Impact
• Startup Employer of the year (Career Show)
• Top investors joining the round

Explore the opportunity on SeedBlink.