SaaS startup Occtoo has just secured €4.6 million in fresh funding. The Malmö-based team is on a mission to help digital companies build more relevant experiences for customers with a low-code composable experience data platform.
In our increasingly digital and tech-enabled world, companies need to be agile and prepared to invest in different digital tools in order to best interact and engage with their customers. At the same time, in the current market companies want to see a quicker return on digital investments, and optimise spending to do as much as possible with as few resources as possible.
Occtoo, a Malmo-based startup, has developed an SaaS-based Experience Data Platform to help achieve this. Now, the Swedish innovators have secured fresh funding and are planning to expand.
- €4.6 million raised in a Seed round led by Newion
- Existing investors 42CAP and Industrifonden also participated
Enhancing digital experiences
Founded in 2019, Occtoo is aiming to shake up how digital customer experiences are made, with an omnichannel approach and a serverless, SaaS-based architecture. We considered the startup to be one to watch recently, and this funding reflects our suspicions were right.
It’s predicted that by 2023, 60% of companies seek composability in their tech investments to gain speed and agility. Occtoo intends to be the missing piece in the composable stack that enables companies to connect all data, content and APIs from all systems in a low-code user interface so digital teams can work autonomously with the data without having to spend most of their time and budget on data integration.
The idea is that with the data at their fingertips, companies can then easily combine context, content and customer data to infuse their custom applications with relevance and orchestrate all digital experiences from one single place.
The Experience Data Platform allows for a new digital experience/application to be launched within days, and easily scaled on a global level. It opens up new opportunities for companies previously reserved for resource-rich businesses and has exciting potential for the future of a growing experience market.
Niclas Mollin, CEO, Occtoo: “Investing in MACH/Composable systems has traditionally been reserved for tech savvy organizations. With our Experience Data Platform we make that setup available for more companies, and more teams in the organization, that also wants to reap the benefits of a composable approach but don’t have a developer heavy organization. We remove that complexity and take Composable from a developer heavy approach to a business user first approach. It is something totally new and puts the digital team in the driver’s seat instead of having to lean on the IT organization to stitch everything together for them.”
The solution has become especially popular among upper mid-market and enterprise-sized retailers with a need to support their omnichannel sales strategies such as Cartier, Intersport and Nordic Nest. The funding will be used to accelerate expansion, grow the partner network and fuel product development.
John Sjölander, Partner, Newion: “We’re very excited about this investment. The team has built an impressive product that provides a lot of customer value in this emerging space and will make life a lot easier for digital teams. We see that Occtoo are well positioned to take the leadership role in this new category.”