Frontnow, a startup providing scalable AI solutions for e-commerce, announced the successful closing of its extended seed financing round to a total volume of €3.8 million led by Peak, with participation from PROfounders Capital, and Identity Ventures. The funding will be used to further extend the company’s technological lead while driving sales expansion.
“With Peak, PROfounders, and Identity Ventures by our side, backed by their deep expertise and strategic commitment, we have found the ideal partners to extend our leadership. Together we’re setting new standards, combining our strengths, and focusing on sustainable growth. Last year, we managed to grow from zero to over 1 million ARR in just 9 months. This year, we aim to significantly exceed that growth,” commented Marc Funk, Founder and CEO of Frontnow. “We are primarily using the investment to further develop our products and expand our sales partner network. Our focus remains on customer value, as this is what ultimately determines our success or failure.”
Founded in 2020, Frontnow’s scalable B2B SaaS solutions enable enterprise customers to engage with their target audiences in a completely new, hyper-personalised and on-demand way. Through easy plug & play integration into online stores, the Frontnow Advisor, a virtual shopping assistant, becomes the hallmark of this innovation. It provides optimal customer advice through relevant information, personalized recommendations, and engaging interaction, enabled by the use of generative artificial intelligence to make communication more effective and ensure long-term competitiveness. This product extends the personal shopping experience from brick-and-mortar stores to the online shop, and is available in 117 languages, 24/7, without additional staff costs. The Advisor uses a combination of more than 40 algorithms, including several Large Language Models, all trained on proprietary corporate data.
The second product, Frontnow Enhance, optimizes product descriptions in online stores by cleansing and enriching product data, and adding contextual meaning with a single click. Customers benefit from SEO-optimized content that improves rankings, thereby increasing traffic and consequently revenue. The self-learning algorithms powering Frontnow’s solutions deliver ever-increasing value to their customers and improve the consumer shopping experience.
“With their scalable AI solutions, Frontnow provides the most advanced solution for retailers to maximize long-term revenue, increase their gross margins and stay ahead,” added Johan van Mil, Co-Founder and Managing Partner at Peak. “We are impressed by the achievements of Marc’s team in such a short period of time and are delighted that they have chosen Peak as a partner on their journey.”
“Frontnow is an excellent example of how diverse teams contribute significantly to innovation and the success of business models. As an investor, we look forward to helping Frontnow to unlock the potential for long-term growth and competitiveness in this fast-paced market,” said Til Klein, Founding Partner of Identity Ventures.
Read the orginal article: https://www.eu-startups.com/2024/03/berlin-based-frontnow-raises-e3-8-million-to-hyper-personalise-the-b2b-e-commerce-experience/
