Toronto-based Birdseye has secured $4.1 million CAD ($3 million USD) in seed funding for its AI-powered marketing personalization platform.
The seed round closed earlier this month and featured sole investor Drive Capital, which also provided Birdseye with $685,000 CAD ($500,000 USD) in pre-seed funding earlier this year. Masha Khusid, partner at Drive Capital, will be joining Birdseye’s board of directors.
CEO Matt Bogoroch told BetaKit that Birdseye has raised $3.5 million USD to date, but declined to disclose its valuation following this latest round. The startup was founded in 2021 by brothers Matt and Adam Bogoroch, who operate as CEO and COO, respectively, as well as CTO Shardul Frey.
Matt told BetaKit in March that he and Frey shared a cubicle at KPMG in 2018, where they realized a gap for small businesses looking to access traditional management consulting. He said the duo went on to found Birdseye with Adam to provide “sophisticated technology and analysis at an affordable price for small and medium sized businesses.”
“Matt and his team have a unique perspective on how AI can be used to serve the e-commerce market and, as a result, they’re solving merchants’ problems in incredibly innovative ways,” Khusid said in a statement.
Using an AI algorithm trained on vast amounts of retail transaction data, the startup aims to help retailers hyper-personalize their marketing campaigns, matching potential customers with products they are likely to be interested in. For example, retailers can target customers likely to buy their excess inventory and identify customers losing interest in a retailer, giving the retailer the ability to react with personalized offers.
Birdseye’s software integrates with data from various e-commerce and social media platforms, including Shopify, Google, TikTok, Meta, and Klaviyo.
“Our technology isn’t about generic promotions or marketing campaigns; it’s about enabling retailers to serve each customer’s unique preferences, delivering tailor-made offers that resonate positively. It’s a win-win, with shoppers valuing personalized deals and retailers benefiting from increased loyalty and engagement,” Matt said in a statement.
Birdseye said it plans to use the latest funding to hire additional staff, and recently put out a call for software engineering roles in a LinkedIn post.
Featured image courtesy Birdseye.