Zoovu to leverage funding to accelerate traction and growth in becoming the foundational provider of AI digital assistants
NEW YORK – February 7, 2019 – Zoovu, a leading artificial intelligence (AI) digital sales assistant platform, today announced that it has closed its Series B funding led by Target Global and Beringea, the latter of which previously led the Series A round. The company will use the funds to drive further growth and expand into APAC, as well as increase investment in AI and behavioral analytics to drive human-level experiences across digital channels. With this round, Zoovu has received a total of $25 million in funding to date.
As part of the round, Zoovu announced that Rytis Vitkauskas, Venture Partner at Target Global, will be joining the company’s Board of Directors. Vitkauskas has served as a founder, angel investor and venture capitalist for more than a decade and will help drive Zoovu’s continued growth and expansion.
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.”
“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, 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,” continued Malinger. “Zoovu therefore significantly improves the brand experience, increases conversation rates, and reduces returns.”
“Brands are quickly realizing 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, Zoovu. “Zoovu is dedicated to alleviating these challenges by providing advanced behavioral data, which customers can take advantage of to differentiate themselves, allowing brands to deliver a more personalized 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 more than 300 categories including consumer electronics, healthcare, banking, and telecommunications.
About Target Global:
Target Global is an international Venture Capital firm headquartered in Berlin, with €700m in assets under management. Connecting the key European startup ecosystems we leverage the unique DNA of each of our target geographies, across our global network. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders. Target Global follows a lifecycle approach, investing in fast-growing online platforms, targeting trillion $ markets. Our partners have been investing for more than 15 years in the digital technology space, backing some of the European success stories. The Target Global portfolio includes companies such as Auto1, Delivery Hero, GoEuro, Dreamlines, and WeFox. More about Target Global: https://www.targetglobal.vc/
Beringea is a highly active growth capital investor with $500m under management and offices in the UK and US. It supports high-growth businesses with annual revenues of more than £1 million, investing between £1 million and £20 million to help companies scale. With a successful track record of investments spanning 30 years, Beringea has more than 60 portfolio companies across its US and UK offices. The company has a history of strong partnerships with management teams, often reinvesting in its successful entrepreneurs. Its core areas for investment include digital media, business software and services, and consumer industries. With an extensive range of expertise across the team, and an ability for spotting and following opportunities, Beringea’s portfolio includes companies in a range of sectors, and its team continues to be at the forefront of emerging trends. More about Beringea: http://www.beringea.co.uk/