Israeli product discovery platform Syte announced today that it had closed a $30 million Series C financing round led by Viola Ventures with the participation of LG Tech Ventures, La Maison, MizMaa Ventures, Kreos Capital, and existing investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures, Axess Ventures, Remagine Media Ventures, and KDS Media Fund. This financing round brings the total amount raised by Syte to $71 million. The company also raised an additional $10 million in debt.
In 2020, Syte Revenue has risen 22% quarter-over-quarter, while its customer base has grown 38%. Covid-19 and the surge in online traffic has boosted interest in Syte, as brands and retailers around the world rapidly shift online.
Tel Aviv-based Syte was founded by CEO Ofer Fryman, Idan Pinto, Lihi Pinto Fryman and Helge Voss.
Fryman said, "In the new age of eCommerce, the brands and retailers that create truly individualized and memorable customer experiences will thrive, and our mission is to help them do so. Our focus for 2021 and beyond will be to develop and acquire solutions that create product discovery experiences spanning the full range of our senses -- visual, text, voice, and more -- with an end-to-end platform that leverages visual AI and next-generation personalization across the board. This investment gives us the resources to execute this vision."
As consumers switch to online shopping, eCommerce discovery has become paramount for customer acquisition and retention in the new normal. To harness this potential opportunity for brands and retailers, Syte will use this round of funding to expand its geographic reach and to support the growth of its product offering. With much of their early customer base in Europe, the Middle East, and Africa, Syte will focus on expansion in the US and Asia-Pacific.
Published by Globes, Israel business news - en.globes.co.il - on October 21, 2020
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