Online quizzes to help shoppers better understand their options aren’t entirely new. Companies like Care/of have been using them to help people navigate their vitamin needs, while the shampoo brand Prose uses theirs to help people find the right fit for their hair. However, Octane AI thinks their technology will help make it easier and cheaper.
“I think that e-commerce companies are starting to evolve into thinking of themselves bold brands and building out that loyalty piece that previously you’d see more with companies with a retail presence,” Berry says. Schlicht says the company had “$12 or $36 or something like that” left in the bank before the new funding came through and would have to shut down in a few weeks. However, Facebook opened its API again, and Octane AI raised $250,000 from existing investors along with $500,000 in venture debt.
Among the earliest investors was General Catalyst, which led the company’s seed round several years ago. According to Niko Bonatsos, managing director of General Catalyst, who says he is “much happier that they found their safe harbor” with Shopify than with Facebook.
So proud of this team!! 💪🏽💪🏽💪🏽💪🏽👏🏽👏🏽👏🏽👏🏽👏🏽
OctaneAI LETS GO MattPRD benparr meganberry katiekrische !!!!! 🔥🔥
Oh, the ever evolving role of a chief marketing officer