Draft:EQL (company)
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| Company type | Private |
|---|---|
| Industry | E-commerce |
| Founded | Melbourne, Australia (2021) |
| Headquarters | , |
Key people | Andrew Lipp, Co-founder; Patrick Donelan, Co-founder |
| Website | eql.com |
EQL is an Australian technology company that develops software to manage high-heat e-commerce product launches.
History
[edit]EQL was founded in 2021 by former Google employees Andrew Lipp, Patrick Donelan and Patrick Donelan.[1][2]
In April 2022, EQL raised A$25 million (US$18.6 million) in a funding round led by Insight Partners and AirTree Ventures.[3][4][5][6][7] Investors in the round included Zinal Growth, 20VC, Sam Kroonenburg, and the family office of American entrepreneur Michael Rubin.[7]
The concept for EQL emerged from the co-founders' experience with high-demand product launches where bots and resellers often secured inventory ahead of regular consumers. The platform focuses on scenarios where product demand exceeds supply and is designed to scale with user traffic while enforcing safeguards to promote fair participation.[7]
EQL’s platform incorporates user verification and deduplication features that are intended to mitigate automated purchasing and ensure a more balanced outcome for participants.[8]
In 2023, Fast Company recognized EQL in its list of "Most Innovative Companies," under the "Small and Mighty" category.[9]
Product launches
[edit]EQL has been used to manage product releases for a number of brands and collaborations, including:
- The Nike and Tiffany sneaker release,[10][11]
- Adidas' collaboration with musician Bad Bunny,[12]
- Stanley’s limited-edition product drops,[13]
- Whisky releases from Sullivans Cove,[14]
- Limited edition vinyl figures by Funko, including a Speed Racer-themed item,[15]
- A footwear collaboration between Simone Rocha and Crocs.[16]
EQL also partnered with the Royal Australian Mint to manage a release of collectible coins based on the children's series Bluey.[17]
See also
[edit]References
[edit]- ^ Nicholls, Jane. "The Ecommerce Tech Making the Hottest Digital Retail Launches More Reliable and Fair". Qantas Travel Insider.
- ^ "How trouble buying sneakers led ex-Googlers to a big-money start-up". Australian Financial Review. April 2022.
- ^ "Insight Partners backs 'hype commerce' startup EQL in $25 million raise". Startup Daily. 12 April 2022.
- ^ "EQL Raises AUSD$25M in Funding". FinSMEs. 12 April 2022.
- ^ "Aussie startup raises $25 million to help e-commerce buyers beat the bots for their next 'hype' purchase". SmartCompany. 12 April 2022.
- ^ "Hype commerce start-up EQL closes $25M cap raise". iTnews. 12 April 2022.
- ^ a b c "EQL's pitch deck helped it raise $18.6 million to make hype product launches fairer". Business Insider. 13 April 2022.
- ^ "Bots aren't to blame for everything". Business of Fashion. 10 January 2024.
- ^ "The 10 most innovative companies with fewer than 100 employees in 2023". Fast Company. 2 March 2023.
- ^ "Tiffany and Nike reveal sneaker collaboration". USA Today.
- ^ "Nike and Tiffany collaboration uses EQL". Forbes Australia. 26 April 2023.
- ^ "Adidas Bad Bunny "Triple Black" sneaker release". Footwear News.
- ^ "Stanley has a plan to stop online chaos and scalpers from ruining its product launches". Business Insider Africa. 4 March 2024.
- ^ "Tasmanian whisky distillery Sullivan's Cove and product demand". The Australian.
- ^ "Speed Racer anime Funko vinyl release". CBR. 28 May 2024.
- ^ "Simone Rocha x Crocs collaboration". The Hollywood Reporter. 12 April 2024.
- ^ "Limited-run Bluey coins released by Royal Australian Mint". News.com.au.
External links
[edit]Category:Australian companies established in 2021 Category:Technology companies of Australia Category:Online marketplaces Category:Privately held companies of Australia