Posted on February 7, 2019 by staff

AI sales platform raises $14m


Zoovu, an artificial intelligence digital sales assistant platform, has announced the closure of its Series B funding, raising $14 million.

The round was led by Target Global and Beringea, bringing the total funding for the company to $25m after Series A funding before.

The funds will be used to drive further growth and expand into Asia-Pacific, as well as increase investment in AI and behavioural analytics to drive human-level experiences.

The New York-based company also announced that Rytis Vitkauskas, Venture Partner at Target Global, will be joining the company’s board of directors. He previously served as a founder and angel investor to the company.

“Zoovu is rapidly becoming the foundational provider of digital assistant software for the world’s leading brands and marketplaces, including Amazon, Canon, Coty and Wilson,” said Vitkauskas.

“We were impressed by Zoovu’s traction and growth in vertical markets and by the focus of its leadership team on building a future-thinking, seamless and intuitive SaaS platform. We are confident that Zoovu is well-equipped to simplify the shopping journey and are eager to continue supporting their ongoing growth.”

Zoovu aims to advise consumers on making decisions using digital communications.

“The digital world has enabled businesses to deliver products and services at a scale that provides unparalleled choice to consumers,” added Eyal Malinger, investment director of Beringea.

“However, many consumers are left struggling to know how to navigate the choices in front of them. This symptom is known as ‘choice paralysis’, which leads to poor brand experience, poor conversion rates, high returns and loss of consumer trust.”

“Zoovu’s digital assistants – driven by artificial intelligence – guide customers through the decision-making process as if they were having an insightful conversation with a member of staff.

“Zoovu therefore significantly improves brand experience, increases conversation rates and reduces returns.”

Target Global is an international Venture Capital firm headquartered in Berlin, with €700m in assets under management.

Beringea is a highly active growth capital investor with $500m under management and offices in the UK and US.

“Brands are quickly realising that the typical customer persona is vastly different now than it was even just a few years ago, and they’re being forced to adapt to a unique generation of consumers by adopting new technologies and engagement strategies,” said Rob Mullen, CEO of Zoovu.

“Zoovu is dedicated to alleviating these challenges by providing advanced behavioural data, which customers can take advantage of to differentiate themselves, allowing brands to deliver a more personalised and engaging customer experience.

“Our most recent funding round will be instrumental in helping us carry out this mission, while bolstering our continued software innovation efforts and growth within the Asian market.”

Zoovu is partnered with premium Fortune 100 brands, serving over 60 million consumers a year across 80 countries, in more than 300 categories including consumer electronics, healthcare, banking and telecommunications.