Belgian startup Revend has just raised €1 million to scale its AI-powered tool that is helping e-commerce companies monitor, detect and pinpoint revenue-impacting issues. The Anterp-based team now plans to expand.
The ecommerce bubble is continuing to grow across Europe. Now, for the vast majority of brands, having an online presence and e-commerce dimension is imperative. However, there are a number of challenges arising. Customers have come to expect e-commerce as standard, and they are no longer so patient when they experience problems purchasing online, and, they expect high levels of personalisation throughout every stage.
When problems do arise for e-commerce players, time is of the essence when it comes to solving them. The longer it takes to spot an issue, the costlier data-related mistakes become, and it can even put customers off returning to the site.
As a result, e-commerce players need to keep digital operations and data quality error-free and seamless. Without resources for data scientists and a team of developers on hand, this isn’t so easy. But, that’s what Revend wants to change – offering a cost-effective solution to manage online operations and overcome problems.
Alex Reis, CTO of Revend: “With e-commerce taking an increasingly dominant share of consumers’ shopping habits, Revend’s solution can save online stores thousands of euros with a single alert.”
- €1 million raised in a Seed round led by Pitchdrive
- Seeder Fund and business angel Pieter Casneuf also participated
- A grant from the federal government that supports the development of AI has also been received
Wim Derkinderen, Co-founder and managing partner at Pitchdrive: “E-commerce enablement is an exciting and fast-growing segment, and will play a key role in the successful growth of online-only businesses. This market, combined with the strong team and early traction Revend presented, was a key factor that convinced us to pursue the investment.”
Protecting e-commerce revenue
Launched this year by Peter Wellens, Alex Reis, Bert Baeck, Revend ensures operational continuity for e-commerce businesses with a plug-and-play solution that quickly detects revenue-impacting issues.
Peter Wellens, CEO: “There is a wealth of operational data available to marketers, but little time to keep track of it on a continuous basis. Revend does this for you, eliminating the need to stare at dashboards every hour or hire additional analysts in your team. This means ambitious marketeers can get a lot more done, at a lower cost”
Revend can be installed in a few minutes and informs marketers the minute something seems ‘off’ via existing messaging apps. It uses powerful AI to outperform traditional monitoring systems by being faster and more focused on offering a functional explanation rather than a technical one when issues arise.
Described as ‘the smoke detector of e-commerce’, Revend enables e-commerce teams to detect issues before they become costly problems, tackling things before they escalate and keeping customers happy.
Isabelle Tennstedt, Partner at Seeder Fund: “Late handling of billing errors, shoppers unable to log in, technical issues interrupting payments… These are all issues that we see e-commerce leaders face far too often, and should never go undetected. Revend attacks this problem directly, with a sophisticated solution that is easy to use. This is why we are happy to support the team in their ambition to grow further.”
The new funds will be used to expand the team and prepare for a full release to the broader market
Pieter Casneuf, Angel investor: “In the e-commerce market, time and availability is of the essence. I have been positively surprised by how the founders of Revend use AI to fulfill a real need in the market. This investment can be considered a vote of confidence in both the founders and the potential of the market.”