Outfindo secures €1.2M to redefine online shopping experience with Eleven Ventures in lead
Outfindo, the leading platform transforming how people shop online, has raised a €1.2M late-seed round to fuel its growth and explore new go-to-market channels, building on the momentum of 3x revenue growth since Q1 2024.
The round was led by Eleven Ventures, a prominent early-stage CEE fund with a strong track record of investing in over 170 tech companies, including Dronamics, Payhawk, and NitroPack. Czech VCs Lighthouse Ventures and Borovicka Capital also participated in the round.
The initial idea for Outfindo came from Jan Mateju. As a former professional cyclist, Jan often found himself helping friends and family choose the right bike. This experience highlighted the challenges shoppers face when navigating complex product categories online, where the lack of expert guidance often leaves customers feeling overwhelmed and uncertain.
Choosing the right complex products online can be a daunting task. According to Outfindo’s user research, up to 99% of customers begin shopping online for these types of purchases. However, 81% struggle with product selection due to complexity, and 76% prefer expert advice before deciding.
Outfindo, therefore, tackles a critical e-commerce challenge: making the online selection of complex products easier for shoppers. Powered by a unique AI framework, the platform adapts to various product categories. It equips online retailers with intelligent, plug-and-play guidance tools, enabling customers to make well-informed purchasing decisions. By doing so, Outfindo brings expert-level guidance and a personal touch, typically associated with specialised brick-and-mortar stores, into the digital shopping space.
The company’s flagship product, an AI-powered guide, integrates seamlessly into e-retailers’ product pages to significantly improve customer convenience and engagement. On average, 44% of visitors interact with the guide during their shopping journey, rising to 72% on dedicated product guide pages. For online merchants, the benefits are substantial: conversion rates can increase up to threefold, while product returns drop by as much as 70%.
We’re proud to partner with investors who bring a distinctive edge to the CEE region – ones who share our values and support projects with global ambitions. This investment will allow us to enter new markets faster and advance our technology, especially in product data automation and enrichment.
This is crucial for e-retailers who rely on platforms like Google Shopping, where optimising the completeness and complexity of product data is essential.
explains Jan Mateju, CEO of Outfindo.
The latest investment will accelerate Outfindo’s expansion into new markets and broaden its reach across product verticals – such as air conditioners, gaming consoles, and digital cameras – scale operations to support growing demand and enhance its product portfolio with a focus on enriched product data.
The roadmap also includes leveraging the Beacon model for deeper AI-driven customer behaviour analysis, expanding integration options with merchant catalogues, and developing advanced analytics tools. These innovations will provide e-retailers with automated dashboards and actionable insights into customer behaviour.
Our vision is that AI will reshape how we shop and select the right products for our needs. Outfindo’s value proposition perfectly aligns with this vision, as it allows e-commerce stores to deliver a superior user experience and compete effectively with the big players.
says Ivaylo Simov, Partner at Eleven.
Outfindo currently supports more than 20 product verticals, with plans to expand into other popular categories, including electronics, home appliances, sports equipment, and childcare products. Another important goal is to introduce a self-service solution enabling easy implementation for smaller e-commerce retailers.
The promise of AI has always been to simplify the complexities of the world around us. Outfindo takes this further by not only streamlining the decision-making process but also addressing the biggest challenge in a shopper’s journey: the confidence of knowing they’ve made the right choice.
says Vojta Rocek, Partner at Presto Ventures, the lead investor in the 2023 funding round.
Outfindo has significantly expanded its portfolio and international reach in just one year. While the platform initially supported two product categories in two countries, it now covers 26 product categories across 10 countries, partnering with prominent e-retailers such as Grenion, Allegria, Bikero, and Cycles UK.
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