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The number of Shopify live websites grew by 201% between March 2020 and January 2022, due to the shift to e-commerce during the global pandemic. With all these stores chasing customers, it’s difficult for sole traders to cut through the clutter.
That problem has spawned startups eager to offer no-code or low-code technology to help Shopify merchants build their businesses. For example, we’ve seen Replo for landing pages, Triple Whale for buyer data, personalized text messaging, Shopify to find the best apps to run your business, and pop-ups for online storefronts. In addition, all these companies raised venture capital for those devices last year.
Minneapolis-based Repurchasing is the latest e-commerce startup to attract new funding, including a $17 million Series A, to advance its leading privacy platform for online retailers.
The round was led by M13, joined by Dynamism Capital, R-Squared Ventures and existing investors Peterson Ventures and Sidekick Partners. Preview’s Ben Jabaoui and Nick Sharma also came on board as strategic investors. This will be followed by a $4.4 million seed round led by Peterson Ventures in 2021.
Founded in 2017 by brothers John Erk and James Van Erk, Rebuy has an end-to-end SaaS offering for e-commerce – Shopify merchants – that combines artificial intelligence with no-code or low-code technology.
Merchants can track customer service-oriented shopping experiences through sales, sales, and post-purchase tracking. For example, to let customers know they get free shipping when they spend $100 or more, to understand how to offer gifts with purchases, or to help them find the right product to convert a user.
It also provides data and AI to help you increase average order value, improve shopping cart and checkout processes, or recommend additional products to customers to help them take a page from Amazon.
James Van Erk told TechCrunch that there is a shift in how direct-to-consumer brands operate and grow their businesses.
“It’s been harder and harder to keep track of customers with iOS changes,” he said. “A year or two ago, brands were focused on acquiring new customers. Now there’s a shift in focusing more on your existing customers and helping them give them an even better experience. That’s what Rebuy is designed to do: help create these intelligent shopping experiences.
That change for existing customers confirmed what Rebuy has been working on for the past six years: generating smart product recommendations, John Erk said. He added that the company’s technology is currently working on nearly 7,000 online stores, including 10 percent of Shopify Plus merchants.
In the past 12 months, the company has tripled revenue, released 218 new products or feature updates, and launched integrations with e-commerce solutions including Clavio and Focus. Erk also said that Rebuy is “into eight-figure annual recurring revenue.” In addition, the company has doubled the number of customers in the past year and currently serves more than 4 billion web queries per month, more than 1 billion of which are fed into the AI engine for behavioral analysis.
The company plans to deploy the new funds into technology development, investing in the Shopify ecosystem and making additional hires to complement its 70-employee workforce. One of the new hires is Jason Nelson, Senior Vice President of Revenue. It is also interested in pursuing a multi-platform future so that any brand can use Rebuy regardless of which platform they choose to run it on.
Additional investments will go into new products, including Rebuy Search, Rebuy Intelligence Graph and Visual Editor. One of the first to come out is Rebuy Search, which Eric says “can have a huge impact on us selling, selling or recommending the right products,” which is a better understanding of what each user wants. Looking for.
“Adding search isn’t just one more touch point, it allows us to use what you’re looking for to influence personalization,” he said. “By bringing this one new product to market, we can improve the quality of recommendations from the homepage to the ‘thank you’ page.”
Commenting on the investment, M13 principal Brent Murry told TechCrunch that John Erk and James Van Erk “are not tourist technologists who developed the product and started selling it to busy merchants,” but that this is “a product that was already in demand.” customers”
“It’s harder to get customers on the site and it’s more expensive,” Murry said. “You have to maximize every interaction you have with them, and the business tools that do that are becoming mission critical. They can make the difference between losing money on your first purchase and making money on your first purchase. That’s one of the keys to Rebuy.”
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