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Currently, in this dynamic world of e-commerce, online retailers need to offer personalized and efficient shopping experiences. A strong reason why customers find it difficult while making complicated purchase decisions is over-choice and lack of guidance. OUTFINDO has developed AI-based tools that simplify the purchase decision process; thus, it also enhances customer satisfaction and improves the conversion rate for e-commerce businesses.
Company Overview
OUTFI Find was founded in 2020 by Jan Matějů, Ondřej Bouda, and Martin Chrz, headquartered in Prague, Czech Republic. The firm is developing an intelligent, plug-and-play guide to AI-based products for integration into online retail platforms. Consumers will be empowered with better buy decisions based on preference or need through personalization.
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The latest €1.2 million investment was led by Eleven Ventures, which has been making headlines for funding innovative technology startups. Lighthouse Ventures and Borovi ka Capital also participated in the round, with both firms having a track record of supporting early-stage companies in the tech sector.
The investment is the second in as many months, after the company secured €900,000 in August 2023, which demonstrates investors’ confidence in OUTFINDO’s vision and growth potential.
Investor Insights
We believe that AI will change how we shop and how we make the right purchase for our needs. OUTFINDO’s value proposition perfectly aligns in that direction, and they help e-commerce stores provide a great user experience while continuing to compete with the big guys,” says Ivaylo Simov, Partner at Eleven Ventures.
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Utilization of Funds
The newly acquired capital will go into various strategic initiatives, which include:
- Market Expansion: Hasten entry into new geography markets to expand the company’s global reach.
- Product Vertical Diversification: Expand the platform through inclusion of diverse product verticals to cater to wider consumer requirements
- Operational Scaling: Scaling infrastructure and resources to cater to higher demand while providing smooth service delivery.
- Product Improvement: Deeper AI-driven insights, advanced analytics for smaller e-commerce retailers, and self-service solutions tailored for smaller e-commerce retailers.
AI-Powered Product Guidance
OUTFINDO uses a platform with AI algorithms that track consumers’ behavior and preferences. Personalized product recommendation is achieved on the basis of this. Since the process simplifies the shopping experience, retailers will benefit more from it; the chances of engagement and conversion will be much higher. It learns continuously so that its effectiveness and relevance persist over time through the use of AI algorithms.
OUTFINDO operates on a B2B SaaS model, giving e-commerce retailers integration-ready AI product guides. This way, retailers can add more value to their platforms without extensive in-house development, providing an affordable method to increase customer satisfaction. Due to the scalability of the SaaS model, OUTFINDO can service clients from small businesses to large enterprises.
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Client Portfolio
OUTFINDO has partnered with numerous e-commerce merchants in the various sectors, which include cycling, electronics, and home appliances. Such partnerships exemplify the effectiveness of the platform across different product domains. By targeting the specific problems each sector encounters, OUTFINDO highlights its ability to adapt and offer value across the e-commerce range.
Future Perspective
With strategic investors on board, and a clearer vision on the route that it will take towards growth, OUTFINDO is already positioned to create huge ripples in the e-commerce world. Plans for upgrading its AI platform along with entry into emerging markets place the company at the forefront of meeting ever-changing needs at both the consumer and seller end. As the shopping experience is revolutionized by AI, OUTFINDO aims to be at the cutting edge of the revolution and create new standards in product guidance and customer engagement.
Summary
OUTFINDO Czech startup has now raised €1.2 million through a late seed round led by Eleven Ventures, together with Lighthouse Ventures and Borovi ka Capital. The investments will be made to accelerate further expansion into new markets and increase the AI-driven product guidance capabilities of OUTFINDO by simplifying selection for online buyers of complex products.
