Swedish startup Occtoo raises €2.1 million in seed funding to boost its Experience Data Platform

Malmo-based startup Occtoo has today announced raising over €2 million seed funding, from Münich-based 42CAP and Sweden-based Industrifonden. The funding will be used to accelerate their product development, recruit in the go to market teams as well as international expansion.

Founded in 2018, Occtoo is a SaaS service that helps companies to quickly build customer experience applications suitable for all channels. With Occtoo, companies can easily unify all kinds of customer experience data, transactional, behavioural, customer, product and content, and make it accessible in any frontend, channel or device through real-time APIs.

The IDC predicts that by 2023 over 500 million apps will have been deployed using cloud native technology – the majority of them being custom applications developed by companies to increase differentiation. With Occtoos technology, a new application can be launched within days and easily be scaled globally. With traditional solutions it would take months or even years to build a similar application. In addition to offering real-time APIs, Occtoo also offers pre-packed business applications and feeds.

The startup has already attracted some renowned brands such as Cartier, Intersport and Fjällräven and have now chosen to partner with 42Cap and Industrifonden.

“Occtoo help companies to quickly build new digital customer experiences, deploy new sales channels and launch new business models. Too many companies struggle when trying to innovate or react to new market circumstances because their technology is holding them back. Occtoo fast forward companies’ digital initiatives and something that previously took months to launch can now be done in days. We are very happy to partner with experienced investors that see the same opportunity as us,” said Niclas Mollin, CEO and co-founder at Occtoo.

“Industrifonden is proud to support the Occtoo team and are very excited about their groundbreaking product, making it easy to move data from silos into creating relevant customer applications. We believe Occtoo can create a new product category within data infrastructure and transform how data-powered applications are created. We’ve had the privilege to work with the founders before as they held leading positions in our portfolio company InRiver and are very impressed by their grit, technical skills and deep customer understanding”, said Rebecka Löthman Rydå Investment Manager at Industrifonden.

“There has been an explosion of marketing technology tools the last two decades, the majority solve very specific and niche problems and are built on legacy technology. This has led to a very fragmented landscape with data being locked in silos, making the data hard to access to build customer experiences. This is slowing down time to market and heavily reducing ability to innovate. Occtoo provides the solution to this problem and we are happy to partner with this experienced team as they set out to build yet another successful company”, said Alex Meyer, General Partner at 42CAP.