Prisync, an Istanbul-based pricing software, has raised a $1.1 million seed round led by Collective Spark, a VC firm also based in Istanbul. German VC ESOR Investments participated in the round, as well.
Prisync is an intelligent pricing SaaS for e-Commerce, allowing users to track competitor pricing and optimise their own. The Turkish startup is targeting small and medium-sized businesses, a segment which doesn’t use automated pricing solutions as widely as upmarket sellers. According to Prisync, e-Commerce SMBs generally avoid competitive price analysis or do it manually, so there’s a need for the SaaS solution and opportunity for global growth.
In fact, the startup currently has customers in over 50 countries. Founded in 2013 by Burc Tanir (CEO), Samet Atdag (CTO) and Neslihan Sirin Saygili, the business hit some milestones last year. 2019 saw two technology partnerships with major e-Commerce platforms, Magento and Shopify, as well as the company’s first acquisition. Prisync bought its Australia-based competitor Spotlite last March.
Samet Atdag attributes the success so far to the Prisync team: “Our team has managed to create and scale a 100 percent global product out of Turkey, and this was only achievable with a complimentary team and a teamwork-first culture. Our team also knows that B2B also involves people after all. Therefore, we have a 24/7 live customer support team distributed in three time zones. That human touch at the support level adds an absolutely unmatched layer on top of our product.”
The seed funding will go toward product development and expanding the customer base.
On this point, CEO Burc Tanir commented: “Obviously, we’ll double down on the working customer acquisition channels and tactics that we’ve tested and validated in the past. However, in addition to these straight-forward investments, we’ll continue building a thought leader image in our industry by increasing the awareness around pricing automation in the global e-commerce market by striking up impactful partnerships. We’ll also continue evaluating potential competitor acquisition in the meantime.”