Zoovu Nabs $14 Million Series B for Expansion of AI Digital Sales Assistants

Zoovu to leverage funding to accelerate traction and growth in
becoming the foundational provider of AI digital assistants

NEW YORK–(BUSINESS WIRE)–Zoovu,
a leading artificial intelligence (AI) digital sales assistant platform,
today announced that it has closed its Series B funding led by Target
Global and Beringea, the latter of which previously led the Series A
round. The company will use the funds to drive further growth and expand
into APAC, as well as increase investment in AI and behavioral analytics
to drive human-level experiences across digital channels. With this
round, Zoovu has received a total of $25 million in funding to date.

As part of the round, Zoovu announced that Rytis Vitkauskas, Venture
Partner at Target Global, will be joining the company’s Board of
Directors. Vitkauskas has served as a founder, angel investor and
venture capitalist for more than a decade and will help drive Zoovu’s
continued growth and expansion.

“Zoovu is rapidly becoming the foundational provider of digital
assistant software for the world’s leading brands and marketplaces,
including Amazon, Canon, Coty and Wilson,” said Vitkauskas. “We were
impressed by Zoovu’s traction and growth in vertical markets and by the
focus of its leadership team on building a future-thinking, seamless and
intuitive SaaS platform. We are confident that Zoovu is well-equipped to
simplify the shopping journey and are eager to continue supporting their
ongoing growth.”

“The digital world has enabled businesses to deliver products and
services at a scale that provides unparalleled choice to consumers,”
added Eyal Malinger, Investment Director, Beringea. “However,
many consumers are left struggling to know how to navigate the choices
in front of them. This symptom is known as ‘choice paralysis,’ which
leads to poor brand experience, poor conversion rates, high returns and
loss of consumer trust.”

“Zoovu’s digital assistants – driven by artificial intelligence – guide
customers through the decision-making process as if they were having an
insightful conversation with a member of staff,” continued Malinger.
“Zoovu therefore significantly improves brand experience, increases
conversation rates and reduces returns.”

“Brands are quickly realizing that the typical customer persona is
vastly different now than it was even just a few years ago, and they’re
being forced to adapt to a unique generation of consumers by adopting
new technologies and engagement strategies,” said Rob Mullen, CEO,
Zoovu
. “Zoovu is dedicated to alleviating these challenges by
providing advanced behavioral data, which customers can take advantage
of to differentiate themselves, allowing brands to deliver a more
personalized and engaging customer experience. Our most recent funding
round will be instrumental in helping us carry out this mission, while
bolstering our continued software innovation efforts and growth within
the Asian market.”

Zoovu is partnered with premium Fortune 100 brands, serving over 60
million consumers a year, across more than 300 categories including
consumer electronics, healthcare, banking and telecommunications. For
more information about Zoovu and the company’s Series B funding round,
please visit: https://zoovu.com/why-zoovu.

About Zoovu:

Zoovu’s mission is to humanize the digital engagement experience. We
engage and advise millions of consumers every day to help them find the
perfect products and services. As a data-first and AI-centric company,
Zoovu leverages all of today’s digital touchpoints to enable authentic
1-1 conversations. We empower brands to truly understand their customers
and help deliver incredible brand engagement by asking questions. Zoovu
has trained digital assistants across 300+ categories, including
consumer electronics, healthcare, banking and telecommunications, and is
used by over 150 premium brands and retailers in over 80 countries and
across more than 40 different languages. To find out more, visit www.zoovu.com.

About Target Global:

Target Global is an international Venture Capital firm headquartered in
Berlin, with €700m in assets under management. Connecting the key
European startup ecosystems we leverage the unique DNA of each of our
target geographies, across our global network. Building on our
experienced team with substantial operational and investment experience,
we help exceptional entrepreneurs to build market leaders. Target Global
follows a lifecycle approach, investing in fast-growing online
platforms, targeting trillion $ markets. Our partners have been
investing for more than 15 years in the digital technology space,
backing some of the European success stories. The Target Global
portfolio includes companies such as Auto1, Delivery Hero, GoEuro,
Dreamlines and WeFox. More about Target Global: https://www.targetglobal.vc/

About Beringea:

Beringea is a highly active growth capital investor with $500m under
management and offices in the UK and US. It supports high-growth
businesses with annual revenues of more than £1 million, investing
between £1 million and £20 million to help companies scale. With a
successful track-record of investments spanning 30 years, Beringea has
more than 60 portfolio companies across its US and UK offices. The
company has a history of strong partnerships with management teams,
often reinvesting in its successful entrepreneurs. Its core areas for
investment include digital media, business software and services, and
consumer industries. With an extensive range of expertise across the
team, and an ability for spotting and following opportunities,
Beringea’s portfolio includes companies in a range of sectors, and its
team continues to be at the forefront of emerging trends. More about
Beringea: http://www.beringea.co.uk/

Contacts

Sarah Assous
zoovu
s.assous@zoovu.com
+44
7904 306092

Cameron Martin
PAN Communications
cmartin@pancomm.com
713-443-1772

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