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FERMAT Raises $17M Series A To Grow Its ML-Powered Social Commerce Shopping ExperienceToday, FERMAT, the startup that allows every retailer to create a unique shopping experience for each customer journey, announced it has raised $17 million in new financing. This will allow it to continue fueling growth for its customers, including admired social commerce brands like True Classic, Jack Archer, mindbodygreen, U Beauty, and Nood, as well as many forward-thinking advertising agencies. Bain Capital Ventures (BCV) led the funding round, with participation from existing investors Greylock, QED Investors and Courtside Ventures, bringing FERMAT's total funding raised to over $30 million. FERMAT provides a seamless end-to-end shopping experience for consumers and greater advertising performance for commerce brands. When shoppers engage with a brand on social, email, or SMS, FERMAT uses AI and machine learning to provide a unique and personalized journey from ad toshop to sale. Throughout the process, FERMAT carries relevant information about the customer, such as products they like, discounts they've seen, and influencers they've engaged with. As cookies have disappeared, retailers have struggled to generate the same levels of performance from their advertising campaigns on TikTok, Instagram and other social platforms. Brands have returned to providing one-size-fits-all, static experiences that engage shoppers far less effectively. With FERMAT, e-commerce brands can support thousands of different iterations of the same storefront, each imbued with the shopper's personal context. "Retailers have lost their first-party data sources and the one-dimensional landing pages of the past are no longer effective," said Scott Friend, partner at BCV. "FERMAT, led by a team of industry veterans from LiveRamp, is building the next powerful paradigm for merchants: the self-iterating shoppable experience based on first-party data." "Privacy has forever changed customer acquisition online into a world where unique, one-to-one journeys are no longer a nice-to-have but a necessity in order to engage consumers online," said Rishabh Jain, CEO and co-founder of FERMAT. "FERMAT ushers in a future where merchants have the ability to show a unique shopping journey for every online touchpoint. Consumers will expect native experiences." With FERMAT, innovative commerce brands can launch, test and optimize thousands of highly-specific landing page experiences at once, each targeted to that individual customer. FERMAT's easy-to-implement, no-code platform is powered by its proprietary commerce graph. "Of all the vendors we have worked with in the e-commerce space, FERMAT has been the best," said Tracy Rosecrans, president of mindbodygreen. "Within one month of working with FERMAT, we saw a 31% reduction in CPAs and a 29% increase in new customer acquisition. In addition, the customer service provided from the FERMAT team is best-in-class. They have been helpful with providing insights and building new product features to support our business objectives." About FERMAT: FERMAT was founded in November 2021 by Rishabh Jain and Shreyas Kumar, both former LiveRamp product and engineering executives. FERMAT's proprietary commerce graph and testing and optimization platform ushers in an era of fully personalized e-commerce journeys that increase brands' advertising effectiveness.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313207172/en/ |
