Crowdfox combines the advantages of a shopping club, a price search engine and an e-commerce platform. Users can purchase a large and constantly growing selection of thousands of high quality products of all common categories – electronics, home, beauty, kids and gourmet food at exclusive prices. The German startup also offers a distribution channel for merchants for their products completely free of charge. The savings are passed on to the customer 1:1 so that they pay ten percent less than on Amazon and others.
Cologne-based Crowdfox officially launched in Germany in December 2015 as an inexpensive and fair alternative to giants like Amazon and others. Users pay optionally an annual membership fee or dynamic service fee that becomes due per purchase and depends on the present selling price.
€4 million and three years were invested in the development of the Crowdfox engine. The technology, developed by leading experts like CTO Andreas von Oettingen (formerly Rocket Internet), has fully automated and semantic matching processes in the product and price data processing. More than 500 million merchant, product, and price information with minimum computing power are processed every day. Crowdfox combines the benefits of a search engine like Google and the convenience from an e-commerce company like Amazon.
The further scaling is ensured with the capital of the current funding round. Crowdfox can continue without building a own warehouses and stays independent from real locations in the scaling – even internationally.
The latest financing round secures additional €5 million. 20 renowned private investors like Dr. Axel Meyer (Ernst & Young), Dr. Thomas Fischer (avantum consult AG), Peter Hartkopf (Hartkopf & Cie.), Manon Goo (DG-I, Axel Springer), Arndt Geiwitz (Schneider, Geiwitz & Partner) und Dirk Pahlke (Rothschild) in a pool agreement provide far more than just fresh capital for the startup. As a result, international venture capitals and strategic investors are showing interest in the technology and the business model of the company. According to Crowdfox, they will receive their chance to invest into the tech startup with the upcoming Series A financing round in late summer 2016.