OUTFINDO: Revolutionizing Online Shopping with AI Innovation
January 21, 2025, 3:59 pm
In the digital marketplace, choices abound. But with choice comes confusion. Enter OUTFINDO, a Prague-based startup that’s turning the tide on online shopping. Founded in 2020 by Jan Matějů, Ondřej Bouda, and Martin Chrz, OUTFINDO has emerged as a beacon of clarity in the often murky waters of e-commerce. Recently, the company secured €1.2 million in a late-seed funding round, led by Eleven Ventures, a notable player in the Central and Eastern European tech scene. This investment marks a significant milestone in OUTFINDO’s journey to simplify the shopping experience for consumers.
The e-commerce landscape is a double-edged sword. On one side, it offers convenience and variety. On the other, it can overwhelm shoppers with endless options. According to OUTFINDO, 81% of consumers struggle with product selection due to complexity. The statistics are staggering: 99% of customers start their shopping journey online, yet many feel lost in a sea of choices. OUTFINDO aims to change that narrative.
The inspiration behind OUTFINDO is rooted in Matějů’s past as a professional cyclist. He often found himself guiding friends and family in selecting the right bikes. This experience sparked an idea: what if there was a way to provide expert-level guidance to online shoppers? With a background that includes leadership roles at Dáme Jídlo and Telefónica Germany, Matějů set out to create a solution that bridges the gap between consumers and the products they need.
OUTFINDO’s flagship product is an AI-driven product guide that integrates seamlessly into online retailers’ websites. This tool transforms the shopping experience by offering personalized, expert insights. It’s like having a knowledgeable friend by your side, helping you navigate the complexities of product selection. The platform employs two key AI models: Beacon and Diver. Beacon analyzes customer behavior to provide tailored recommendations, while Diver refines product data for enhanced accuracy. Together, they create a dynamic shopping assistant that adapts to individual needs.
The results speak volumes. OUTFINDO reports that customer engagement skyrockets, with up to 72% of visitors interacting with the guide on dedicated pages. Conversion rates can triple, and product returns plummet by as much as 70%. These figures illustrate the power of informed decision-making in the shopping process.
Since its inception, OUTFINDO has expanded its reach significantly. What began with just two product categories in two countries has blossomed into a robust platform supporting 26 categories across ten countries. Partnerships with retailers like Allegria and Cycles UK highlight OUTFINDO’s growing influence in the e-commerce space. The recent funding will enable the company to accelerate its expansion into new markets and product verticals, including electronics and home appliances.
The investment landscape is competitive, yet OUTFINDO has attracted attention from prominent investors. In its pre-seed round, the company raised over €395,000 from JARO Capital, with support from notable figures like Jaroslav Beck and Robert Kyncl. The subsequent seed round brought in nearly €870,000 from various investors, including angel investors and venture capital firms. This latest funding round, led by Eleven Ventures, is a testament to the confidence investors have in OUTFINDO’s vision.
As OUTFINDO looks to the future, its plans are ambitious. The company aims to enhance its product offerings by leveraging AI to deliver deeper insights into customer behavior. This includes developing advanced analytics capabilities that provide retailers with automated dashboards and actionable insights. The goal is to empower e-commerce retailers, particularly smaller ones, with tools that enhance the shopping experience and level the playing field against larger competitors.
The self-service solution is a game-changer. It will allow smaller retailers to integrate OUTFINDO’s technology with just a few clicks, democratizing access to advanced shopping tools. This aligns with the broader trend of making technology more accessible to businesses of all sizes.
In a world where online shopping is increasingly the norm, OUTFINDO stands out as a pioneer. The company’s commitment to simplifying the shopping experience resonates with consumers and retailers alike. As AI continues to reshape the landscape of e-commerce, OUTFINDO is poised to lead the charge.
The vision is clear: to transform how we shop and select products. With its innovative approach, OUTFINDO is not just another tech startup; it’s a catalyst for change in the e-commerce industry. The journey is just beginning, but the destination is promising. As OUTFINDO continues to grow and evolve, it will undoubtedly leave a lasting impact on the way we shop online.
In conclusion, OUTFINDO is more than a platform; it’s a revolution in online shopping. With its intelligent guidance tools and a commitment to enhancing the customer experience, it’s paving the way for a future where shopping is not just easier, but smarter. The investment from Eleven Ventures is a significant step forward, and the world will be watching as OUTFINDO charts its course in the ever-evolving e-commerce landscape.
The e-commerce landscape is a double-edged sword. On one side, it offers convenience and variety. On the other, it can overwhelm shoppers with endless options. According to OUTFINDO, 81% of consumers struggle with product selection due to complexity. The statistics are staggering: 99% of customers start their shopping journey online, yet many feel lost in a sea of choices. OUTFINDO aims to change that narrative.
The inspiration behind OUTFINDO is rooted in Matějů’s past as a professional cyclist. He often found himself guiding friends and family in selecting the right bikes. This experience sparked an idea: what if there was a way to provide expert-level guidance to online shoppers? With a background that includes leadership roles at Dáme Jídlo and Telefónica Germany, Matějů set out to create a solution that bridges the gap between consumers and the products they need.
OUTFINDO’s flagship product is an AI-driven product guide that integrates seamlessly into online retailers’ websites. This tool transforms the shopping experience by offering personalized, expert insights. It’s like having a knowledgeable friend by your side, helping you navigate the complexities of product selection. The platform employs two key AI models: Beacon and Diver. Beacon analyzes customer behavior to provide tailored recommendations, while Diver refines product data for enhanced accuracy. Together, they create a dynamic shopping assistant that adapts to individual needs.
The results speak volumes. OUTFINDO reports that customer engagement skyrockets, with up to 72% of visitors interacting with the guide on dedicated pages. Conversion rates can triple, and product returns plummet by as much as 70%. These figures illustrate the power of informed decision-making in the shopping process.
Since its inception, OUTFINDO has expanded its reach significantly. What began with just two product categories in two countries has blossomed into a robust platform supporting 26 categories across ten countries. Partnerships with retailers like Allegria and Cycles UK highlight OUTFINDO’s growing influence in the e-commerce space. The recent funding will enable the company to accelerate its expansion into new markets and product verticals, including electronics and home appliances.
The investment landscape is competitive, yet OUTFINDO has attracted attention from prominent investors. In its pre-seed round, the company raised over €395,000 from JARO Capital, with support from notable figures like Jaroslav Beck and Robert Kyncl. The subsequent seed round brought in nearly €870,000 from various investors, including angel investors and venture capital firms. This latest funding round, led by Eleven Ventures, is a testament to the confidence investors have in OUTFINDO’s vision.
As OUTFINDO looks to the future, its plans are ambitious. The company aims to enhance its product offerings by leveraging AI to deliver deeper insights into customer behavior. This includes developing advanced analytics capabilities that provide retailers with automated dashboards and actionable insights. The goal is to empower e-commerce retailers, particularly smaller ones, with tools that enhance the shopping experience and level the playing field against larger competitors.
The self-service solution is a game-changer. It will allow smaller retailers to integrate OUTFINDO’s technology with just a few clicks, democratizing access to advanced shopping tools. This aligns with the broader trend of making technology more accessible to businesses of all sizes.
In a world where online shopping is increasingly the norm, OUTFINDO stands out as a pioneer. The company’s commitment to simplifying the shopping experience resonates with consumers and retailers alike. As AI continues to reshape the landscape of e-commerce, OUTFINDO is poised to lead the charge.
The vision is clear: to transform how we shop and select products. With its innovative approach, OUTFINDO is not just another tech startup; it’s a catalyst for change in the e-commerce industry. The journey is just beginning, but the destination is promising. As OUTFINDO continues to grow and evolve, it will undoubtedly leave a lasting impact on the way we shop online.
In conclusion, OUTFINDO is more than a platform; it’s a revolution in online shopping. With its intelligent guidance tools and a commitment to enhancing the customer experience, it’s paving the way for a future where shopping is not just easier, but smarter. The investment from Eleven Ventures is a significant step forward, and the world will be watching as OUTFINDO charts its course in the ever-evolving e-commerce landscape.