Retailers Streamline the Purchase of Complex Products — Accelerating Sales, Increasing Customer Loyalty and Decreasing Costs
Compatio, the Intelligent Commerce platform that accelerates purchases online, today announced it has completed a $1.5 million Seed Round of financing. With participation from both existing and new investors, a $250,000 investment from the Missouri Technology Corporation (MTC) was the catalyst to attract the final investment to close the round. The round was led by Kurt Hellweg, former CEO of American Dehydrated Foods.
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Compatio participated in the Springfield-based efactory 2019 accelerator, which was instrumental in helping build Compatio’s investor network. This investment adds to Compatio’s $900,000 Pre-Seed Round, bringing total funding since launching the development of its revolutionary knowledge-based commerce platform to $2.4 million. The funds will help the company aggressively expand its sales and marketing efforts, as well as broaden and accelerate product development.
“ECommerce was growing at a rapid pace and the COVID-19 pandemic accelerated that growth. However, many retailers selling products that include multiple components have failed to create an effective online user experience, limiting their ability to take advantage of eCommerce opportunities,” said Kurt Hellweg, lead investor. “We are excited about Compatio’s solution as it recreates a personal user experience in an eCommerce environment.”
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Compatio’s intelligent Product Graph® technology encodes expert product knowledge into digital commerce channels so eCommerce sites can function like experienced sales agents, guiding buyers to exactly the right products that fit their needs precisely. This increases retailer revenues through highly-accurate cross-selling, decreases costs due to returns and improves customer satisfaction. Buyers, whether consumers or corporate, enjoy a faster, more seamless, and more confident purchasing experience when buying complex products.
“In today’s multi-channel retail marketplace, retailers of all sizes must move quickly to create a personalized eCommerce experience. Consumers and corporate buyers will continue to rethink the retailers they work with and those that focus on selling a holistic solution versus a series of products will win out,” said Tim Baynes, CEO and Founder of Compatio. “Retailers can not only increase sales and improve customer loyalty, they can increase margins. Our retailers are seeing several hundred percent ROI within just weeks of implementing our system.”
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