Outfindo, a Prague-based startup transforming online shopping, has raised €1.2 million in a late-seed funding round to accelerate growth and expand into its go-to-market channels. The round was led by Eleven Ventures with participation from Dronamics, Payhawk, NitroPack, as well as Lighthouse Ventures and Borovicka Capital. Eleven Ventures shared the announcement on their website.
About Outfindo
-
Founded in 2020 by Jan Mateju, Ondrej Bouda and Martin Chrz, Outfindo is an AI-tech startup focused on simplifying the online selection of complex products.
-
Its flagship product, the Product Guide, seamlessly integrates with merchants' websites, helping customers navigate the decision-making process through a series of intuitive questions. This allows users to narrow down product choices to the most suitable options for their needs.
-
Outfindo’s technology is powered by two AI models: Outfindo Beacon, which analyzes customer behavior to deliver personalized recommendations, and Outfindo Diver, which processes product data to ensure the highest level of accuracy.
“Our vision is that AI will reshape how we shop and how we select the right products for our needs. Outfindo’s value proposition is perfectly aligned in that direction, and they allow e-commerce stores to provide great user experience and continue to compete with the big guys,” says Ivaylo Simov, Partner at Eleven Ventures.
Outfindo supports over 20 product verticals and plans to expand into categories like electronics, home appliances, sports equipment, and childcare products. The company also aims to launch a self-service solution, enabling smaller e-commerce retailers to implement its tools more easily.
Investment details
The round was led by Eleven Ventures, a Bulgarian-based CEE-focused VC fund, with participation from Dronamics, Payhawk, NitroPack and Czech VC firms Lighthouse Ventures and Borovicka Capital.
-
Eleven Ventures is a Sofia-based CEE early-stage venture capital firm. Its investments typically range from €250,000 to €1 million, with potential for follow-on funding up to €2.5 million.
-
Eleven Ventures supports tech companies in four priority verticals – Fintech, Healthcare, Future of Work, and Sustainable Food.
- Before the current round, Outfindo secured €900,000 in a seed round led by Presto Ventures in 2023. AIN featured the startup in our Startup of the Day column.
The funding will enable Outfindo to expand into new markets and product categories like air conditioners, gaming consoles, and digital cameras. It will also support scaling operations, improving product data, and enhancing the 'Beacon' model for deeper AI-driven customer behavior analysis.
Earlier in January, Eleven Ventures led a €500,000 investment for Bulgarian LAM’ON to develop bio and compostable laminating and packaging films.