Berlin-based tech startup Frontnow, which develops AI solutions for online retailers, has raised €3.8 million in its extended Seed financing round.
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-and-play integration into online stores, the Frontnow Advisor, a virtual shopping assistant, provides optimal customer advice through relevant information, personalised recommendations, and engaging interaction, enabled by the use of generative AI to make communication more effective and ensure long-term competitiveness.
The Advisor uses a combination of more than 40 algorithms, including several Large Language Models, all trained on proprietary corporate data.
Its second product, Frontnow Enhance, uses self-learning algorithms to optimise product descriptions in online stores by cleansing and enriching product data, and adding contextual meaning with a single click.
According to Marc Funk, Founder and CEO of Frontnow:
“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."
The round is led by Peak, with participation from PROfounders Capital and Identity Ventures.
The funding will be used to develop the technology further and expand the company's enterprise customer base.
“With their scalable AI solutions, Frontnow provides the most advanced solution for retailers to maximise long-term revenue, increase their gross margins, and stay ahead,” adds Johan van Mil, Co-Founder and Managing Partner at Peak.
"We are impressed by Marc’s team's achievements 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,” comments Til Klein, Founding Partner of Identity Ventures.
Lead image: Frontnow.
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