With the aim to help mobile apps boost customer retention, Cooee has just received €356k in pre-seed funding. The funding was led by Jenson Funding Partners with participation from several angel investors from the United States, India and UK.
The deeptech startup, founded in 2020, delivers one-to-one personalised in-app and push notifications that help businesses increase revenue and reduce churn. Cooee uses AR, computer vision and machine learning to create unique engagements for every customer in real-time rather than the traditional approach of bucketing different users in finite segments and delivering campaigns on a fixed schedule.
It’s thought that a record 3.8 trillion hours were spent on apps last year, and, there are now over 5 million apps available on app stores. This is a massive market area. The problem, though, is that many apps are financially unviable because of the high cost of customer acquisition and consequent lack of revenue – this is what Cooee aim to solve.
Cooee CEO and founder, Shwetank Tamer, said: “Technology advancements have made it possible to create a website or a mobile app in minutes but there were no solutions that allowed brands to deliver data-driven user engagement with automation. We created Cooee with a mission to make data-driven user engagement possible, affordable and effective for eCommerce. In the digital world today, users don’t shop for products, they look for experiences. Customers expect personalisation by default but most mobile apps struggle with multiple platforms, skillsets and technology, and thus are unable to engage and delight. Just a 5% increase in retention can add up to an 80% increase in revenue, Cooee makes that happen.”
The Cambridge-based company has developed a low-code platform built with ease of use in mind, so companies can embed the service within their app in minutes using a simple integration. With every engagement delivered, Cooee continuously learns and improves automatically.
Already the service is available on mobile apps, desktop, Woocommerce and Shopify with a roadmap to add Canva, Wix and other popular eCommerce channels in the making. Cooee intends to use the funding for further product development, increase its e-commerce store reach and launch an augmented reality version of the product.
Jeffrey Faustin, Chief Investment Officer at Jenson Funding Partners, said: “The app store is an incredibly crowded market, and apps with smaller budgets struggle to stand out in the noisy world of digital ads. Cooee is one of the first companies in this space that I’ve come across to truly put personalisation and affordability at the heart of what they do, and that opens up a huge market for them. It’s also an intriguing application of ‘creative automation at scale’ – with the company using technology to scale and automate content creation so that firms can spend less on human designers. This is already a fascinating and disruptive trend in the marketing world, and I look forward to seeing Cooee at the forefront.”