Seeloz Announces $2.45M in Seed Round Funding and A Game Changing Platform Launch Plan
Big news here at Seeloz Inc., and we're excited to share it with all of you, whether you're a retailer, manufacturer, partner, investor, or just happen to be interested in shopper engagement innovation.
This past February, we completed a pilot run for our next generation shopper engagement platform with a top US retailer and raised $2.45M in seed funding (as a follow-up to our $250k angel round closed in February 2013). After these milestones, we're on track to launch our eye-opening, jaw-dropping, and smile-inducing platform this September.
If you haven't clicked through the rest of the site (and chose to click here first because this kick-off blog post is so awesome), here's why we're doing what we're doing and how we're doing it:
Early in 2013, a Santa Clara garage hosted the initial brainstorming sessions of an experienced data scientist focused on changing the way retailers and manufacturers approached shopper engagement.
Driven by the firm belief that data science could change the way retailers & manufacturers engage their shoppers, he quickly realized that retailers and manufacturers:
- Had major challenges providing shoppers with the specific individualized product recommendations, pricing, and content needed at the time of decision.
- Lacked the tools to optimize specific offers and promotions to customer needs.
- Were limited in their ability to accurately measure ROI on marketing spend.
- Worked in disjointed silos when it came to sharing budget and shopper information.
After connecting with elite industry experts and putting together an All Star roster of advisors and early angel investors, Seeloz was born and our founder assembled a small but powerful team of scientists, engineers, and marketers to start working on a platform that would remedy these challenges by delivering a data-science driven, hyper-local targeting, ROI enhancing, workflow-supercharging solution designed to revolutionize the retailer/manufacturer/shopper dynamic.
First Pilot & Major Validation
Shortly after developing an early version of the solution engine, Seeloz started collaboration with the giant global systems integrator, Cognizant Technology Solutions, and ran an ultra successful pilot with a 4000+ store US retail chain between June 2013 & August 2013 to showcase the efficacy of the science behind the engine.
The pilot covered 475 stores in 11 states, three metro areas, and a staggering 172M+ POS transactions.
The result? 10x ROI improvement on markdown budget spent (allocated by the retailer to fund discounts at the target stores.)
A Comprehensive Platform
Building upon the pilot's success, we went ahead and built a comprehensive platform around our next-gen shopper engagement engine. Our driving objective was to allow a SMB business owner or a Retail/CPG Marketer to leverage our advanced science via a user-friendly interface.
Leveraging in-store iBeacons, mobile location-based technologies; and easy to use consoles geared towards driving quantitatively assessed business objectives, collaborative workflows, omni-channel offers, and engaging content; the Seeloz platform evolved into something fundamentally different and exponentially more powerful than any solution seen before in this space.
And few months later, here we are, on the cusp of changing the world of shopper engagement.
The Seed Round
In February 2014, we concluded our seed round with an aggregate closing amount of $2.45M from institutional investors and experienced angels in the Silicon Valley and Southeast Asia. A major investor in our round was the recently launched Palo-Alto-Based Citizen.VC; a technology platform to match curated investors with value-added entrepreneurs.
Here's what some of our investors say about us:Zain Khan, Co-Founder & CEO at Citizen.VC: "We are extremely excited to be one of the first investors to partner with Mohamed and the fantastic team he has put together at Seeloz. Since founding Seeloz, we have watched him build an incredible wealth of knowledge on how to practically apply data science to the shopper engagement industry. Mohamed has a grasp on what it will take to truly reinvent the relationship between brick and mortar retailers, CPG companies and their respective customers. We're confident that Seeloz will be a game changer".
Shozo Ohtani, Serial Angel Investor: "Consumer Package Goods manufacturers and their retail partners have not changed the way they manage their customer investment strategies in decades. Billions of dollars are invested each year into campaigns that have unmeasurable outcomes at best. Seeloz is leading the charge to improve the effectiveness of the collaboration between these two market forces. Through Seeloz' advanced data science, CPG's will see a sizable lift in the ROI of their co-op investments and retailers would have a better long-term relationship with their customers. Ultimately, I'm sure the consumer will be the beneficiary of this improved collaboration through more relevant offers and information."
To InfiniteIn April 2014, we began commercializing our shopper engagement platform with retail chains, SMB retailers, and CPGs with our own growing sales infrastructure leading the way. This was a major, major development in terms of taking our solution offering to the target audience and we've been getting great traction so far. After lining up an diversified set of early adopters, we're on track to launch our platform this September. As we continue to move full steam ahead and the platform takes hold, it's only right to thank everyone who has supported us along the way, from advisors, to investors, to human sounding boards, to caffeinating baristas. We couldn't have made it to this point without the extended Seeloz family and we're looking forward to sharing our successes as this exciting story unfolds.