A chat with Luca Cartechini and Gian Maria Gramondi, Co-founders of Shop circle
Welcome back to Endeavor Talks with…!
This time, we had the chance to sit down with Luca Cartechini and Gian Maria Gramondi, Co-founders of Shop Circle, a company that is making waves in the e-commerce space. Fresh off a 60 million Series B round, Shop Circle is on a mission to reshape how online brands optimize their businesses.
We talked about their journey from idea to execution, the challenges of raising capital, and what it takes to build a global-first company. They also shared valuable insights on hiring the right people, avoiding common startup pitfalls, and the role of AI in shaping the future of e-commerce.
An inspiring conversation with two entrepreneurs who are redefining the game—happy reading!
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Tell us about yourselves. Where do you come from, and what is your background?
Gian Maria: I began my career at Amazon in London, where I had the opportunity to take on various roles, from marketing to brand management, eventually becoming a category lead. My background has always been deeply rooted in commerce.
Luca: My background is in finance, but always within the digital space. I started in equity research at an American bank in London, covering tech, and later transitioned to investing in early-stage digital companies. My expertise has always centered around evaluating and understanding software and tech-driven businesses, which is what Gian Maria and I have in common.
What led you to become entrepreneurs? Were you looking for a startup, or did Shop Circle “find you”?
Luca: Gian Maria and I have known each other for over ten years, having studied together at ESCP Business School. We always knew we wanted to build something together, given our complementary skills. The COVID-19 pandemic gave us the opportunity—and the push—to take the leap. That’s when we committed to Shop Circle, with the ambition of becoming the leading provider of B2B software solutions to help businesses operate more efficiently.
What are some of your key achievements so far?
Luca: We’ve built a strong community of customers who genuinely love our products. Our clients range from small independent brands launching their first store to some of the largest names, including Nespresso, LG, and Colgate. Across all our products, we have amassed over 25,000 five-star reviews, reinforcing that we are truly helping businesses solve key challenges.
Today, more than 120,000 merchants worldwide use our products daily, placing their trust in us. That’s what makes this journey so rewarding.
How did you persuade your first investors?
Gian Maria: Having a structured vision and a clear execution plan was critical. Our credibility in the industry also played an important role.
We didn’t have direct connections with angel investors, though we were more familiar with VC firms. However, by taking a methodical approach and engaging with multiple stakeholders, we were able to generate healthy competition for the round. In our very first round, we secured backing from over 15 of the most influential angel investors in Europe.
Have you made any missteps along your journey? What lessons did they teach you?
Luca: One common mistake startups make is chasing growth at all costs. Many companies raise capital with a short-term mindset, but in reality, building a business is a marathon, not a sprint. Growth for the sake of fundraising can be a trap. That’s why we now make most decisions with a five- to ten-year perspective – something not often seen in early-stage companies.
Gian Maria: Another common misstep is assuming that hiring someone from a prestigious company guarantees success. In large corporations, employees often have highly specialised roles that don’t always translate well to the fast-paced, hands-on environment of a startup. What truly matters is adaptability and the ability to create tangible impact.
What challenges will your industry face in the next few years?
Luca: The increasing accessibility of artificial intelligence is both a challenge, but particularly an opportunity for the software industry. AI is becoming more integrated into enterprise software, with declining computation costs and the rise of open-source models allowing businesses to run AI tools in-house. What once required expensive API integrations can now be executed internally, leading to better privacy, lower latency, and significant cost reductions.
Gian Maria: For companies like ours, which build on existing LLMs, this shift is a game changer. Our focus is twofold: improving our internal processes and enhancing the solutions we offer to customers. Internally, we are leveraging AI to optimise marketing, customer service, design, and development workflows. Externally, we are integrating AI into our apps to improve functionalities like product recommendations and search capabilities.
The entrepreneurial culture in Italy is evolving, with more companies gaining recognition internationally. Given Shop Circle’s global focus, what advice would you give to entrepreneurs looking to scale beyond Italy?
If you raise capital, you need to think globally from the outset. The local market is often too small to generate the returns early-stage investors expect, so expanding into larger markets is crucial. While Italy has great potential and is making progress, challenges like limited English proficiency and a general aversion to risk still hinder growth.
And what about the fear of failure?
This remains a major hurdle. In some countries, failure isn’t even seen as a negative —it’s just part of the process. Entrepreneurs who take risks are celebrated, regardless of the outcome, because each experience contributes to growth and learning.
The U.S. has created nearly ten times more unicorns than Europe over the last twenty years, largely due to 1) greater access to private capital and 2) a culture that embraces risk-taking. If Europe doesn’t shift its mindset soon, it risks falling further behind in global innovation.