OUTFINDO, the Prague-based platform focused on e-commerce, has raised €1.2 million in a late-seed funding round to support its growth and new GTM channels, following 3x revenue growth since Q1 2024.
The round was led by Eleven Ventures, an early-stage CEE fund noted for its track record of investing in over 170 technology companies. The investment was further supported by Lighthouse Ventures and Borovička Capital.
OUTFINDO CEO and founder Jan Matějů says, “We are super proud to join the Eleven family and to be part of such an inspiring network of innovators. The know-how and guidance we’ve already gained from working with Eleven have been invaluable in navigating our journey. Collaborating with fellow Eleven family members has allowed us to share what works and learn from each other’s experiences. It’s truly energizing to work with a partner who shares our values and commitment to a culture of collaboration and excellence.”
Founded in 2020 by Jan Matějů, Ondřej Bouda, and Martin Chrz, OUTFINDO is an AI-technology startup focused on simplifying the selection of complex products for customers. Its flagship product, a product guide integrated into online retailers’ websites, aims to transform the shopping experience by offering expert-level insights in a digital environment.
The idea for OUTFINDO stemmed from Jan Matějů’s experience as a former professional cyclist, who’s expertise was frequently used in helping friends and family choose the right bike. Realising how difficult it was to navigate complex product categories online without expert guidance, he leveraged his experience as CEO of Dáme Jídlo and Head of Acquisitions Management at Telefónica Germany to create a solution addressing this gap.
In its pre-seed round, OUTFINDO raised over €395k from JARO Capital, supported by notable investors Jaroslav Beck and Robert Kyncl. The seed round brought in nearly €870k from Presto Ventures, Patero, Longevity Fellows, and angel investors, including Richard Valtr, founder of Mews.
Finding the right complex products online can be a daunting task, often leaving customers overwhelmed by a sea of options.
As per comments by OUTFINDO, with 99% of customers beginning their shopping journey online, 81% struggle with product selection due to complexity, and 76% prefer expert advice before making a decision. Additionally, 60% of consumers take six or more actions before deciding to purchase a brand or product that’s new to them, highlighting the need for better guidance in the decision-making process.
OUTFINDO argues that the e-commerce market lacks a solution to guide shoppers effortlessly to the right products and this is where OUTFINDO looks to step in.
The platform equips retailers with intelligent, plug-and-play guidance tools, enabling customers to make informed decisions easily. Powered by an AI framework, OUTFINDO’s technology is designed to scale seamlessly across diverse product categories.
At the core of OUTFINDO’s technology are two AI models: Beacon, which analyses customer behavior to provide personalized guidance, and Diver, which refines product data for greater accuracy. The OUTFINDO Product Guide transforms the way customers select products by guiding them through a conversational, decision-based process that narrows down choices to those that truly meet their needs.
According to data provided by OUTFINDO, the guide significantly boosts customer engagement, with up to 44% of visitors interacting with it in standard placements and as high as 72% on dedicated guide pages. Additionally, conversion rates increase by up to 3x, while product returns drop significantly – by as much as 70% in some cases.
In one year, OUTFINDO has expanded its reach and impact significantly. Starting with only 2 product categories and operating in 2 countries, the platform now supports 26 product categories across 10 countries, partnering with retailers such as Allegria, Cycles UK or Grenion.
This latest funding will empower the company to accelerate its expansion into new markets, cover new verticals, scale operations to support growing demand, and enhance its product offering. The last would include leveraging Beacon to deliver deeper AI-driven insights into customer behavior, refining integration options to streamline connections with retailer product listings, and developing advanced analytics capabilities, offering retailers automated dashboards and actionable insights into customer behavior.
Currently covering more than 20 product verticals, OUTFINDO plans to broaden its reach into promising categories such as electronics, home appliances, sports equipment, and baby care. The focus will also be on introducing a self-service solution, making it also available for smaller e-commerce retailers in a few clicks.
“Our vision is that AI will reshape how we shop and how we select the right products for our needs. Outfindo’s value proposition is perfectly aligned in that direction, and they allow ecommerce stores to provide great user experience and continue to compete with the big guys.”, Ivaylo Simov, Partner at Eleven shares.
