Phoenix Seo, the Phoenix startup that has built a thriving ecommerce marketplace, has a new plan to turn around its business.
The new venture, called Phoenix Seoe, will make a $20 million donation to the University of Phoenix to fund an expansion of its School of Business.
It will also make the gift to support the school’s new program for the education of entrepreneurs.
Phoenix Seoi, founded in 2015, will create a new ecommerce business called Phoenix Ecommerce, which will help companies find, buy, and sell goods online.
The startup will also donate a portion of its revenue from Phoenix Eshop, the business-to-business platform Phoenix E-Commerce runs, to the university.
A year ago, the company received $10 million from venture capitalists including Union Square Ventures, Y Combinator, and SV Angel.
Now, Phoenix Seoh, which has a staff of about 30, has made the donation, which is a big deal, said CEO John Loeffler.
Phoenix EShop has helped companies sell and buy goods online for more than a decade.
Since it launched in 2016, the platform has helped millions of merchants find customers.
The company has raised about $20.3 million in funding and raised more than $10.7 million in the first three months of 2017, Loeffer said.
“We’re going to have a huge opportunity here, because this is an opportunity for the university to do a lot of good things,” Loeffeld said.
The university has made more than 4 million purchases with Phoenix E Shop, including items like hats, jewelry, clothing, electronics, and more, Lueffler said.
For example, it’s sold more than 2 million hats to customers.
“The students at this school, especially in the apparel industry, are really going to benefit from this,” Lueffeld added.
The gift will also help the school create an “open online course,” which will allow students to get more hands-on experience with technology.
Luefferld said the course will be in Phoenix, not New York.
The money will go to the school to help the students learn more about technology and business.
Phoenix, which was founded in 2016 and has over 500 employees, will have the option to continue making the gift at any point after it is made, Loesfferld explained.
“I think it’s great,” Loesffler told Time.
“There’s a lot we could learn from Phoenix, and I think they have a really great vision for the future.”
A new Phoenix E shop Phoenix E is the company’s second venture, following an initial attempt in 2014 that went nowhere.
In 2017, the startup tried again with a different name, and this time, it raised $20,000 from investors like Union Square.
Phoenix had planned to use the money to start up its own online business, but decided to expand into an ecommerce platform.
The $20m will help the Phoenix E store open up its platform and help the company develop an open-source product that will allow customers to shop online, Losey said.
It’s also going to allow the company to focus on improving its customer service, he said.
Phoenix is looking for $20 to $25 million to complete the $20-million investment, Luesffler added.
“This is going to make it really important for us to really build Phoenix E, which we’re going out to do in 2018,” Losel said.
Loefel is also looking to make sure that Phoenix E has a great return on its investment.
“It’s going to help us grow Phoenix E more, and help us reach out to more customers,” Luesfel said.