Prague-based startup Outfindo, which leverages AI to help customers find the right products online, has secured €1.2 million in a late-seed funding round. Eleven Ventures led the round, as Vestbee was informed.
- Founded in 2020 by Jan Matějů, Martin Chrz, Ondřej Bouda, and Zdenko Zvada, Outfindo is an AI-driven platform that simplifies the online shopping experience by guiding customers to the right products.
- Outfindo simplifies product selection for complex categories using two AI models, Beacon and Diver, to analyze customer behaviour and refine product data, guiding users to the best options.
- For retailers, the platform offers easy-to-integrate tools that provide personalized guidance, boost customer engagement, increase conversion rates, and reduce product returns.
- The startup claims that its Product Guide boosts customer engagement, increases conversion rates by up to 3x, and reduces returns by up to 70%. Operating in 10 countries and supporting 26 product categories, Outfindo partners with leading retailers such as Allegria, Cycles UK, and Grenion.
Details of the deal
- The recent funding round was led by Eleven, a Sofia-based early-stage venture capital firm with over 170 investments in its portfolio.
“Our vision is that AI will reshape how we shop and how we select the right products for our needs. Outfindo's value proposition is perfectly aligned in that direction, and they allow ecommerce stores to provide great user experience and continue to compete with the big guys," Partner at Eleven, Ivaylo Simov, stated in a press release.
- The round also saw participation from Czech Lighthouse Ventures and Borovicka Capital.
- Using fresh funding, Outfindo plans to expand into new markets and product categories, such as electronics, home appliances, sports equipment, and baby care.
- The startup also aims to scale operations, improve its AI-driven offerings, and introduce a self-service solution for smaller e-commerce retailers, while enhancing AI models and delivering advanced customer insights.
“We are super proud to join the Eleven family and to be part of such an inspiring network of innovators. The know-how and guidance we've already gained from working with Eleven have been invaluable in navigating our journey," Outfindo CEO and founder Jan Matějů, commented in a press release.
