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Okendo raises $26M Series A investment led by Base10 Partners

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“With more than 90% of shoppers reading reviews before buying, reviews are an integral part of online shopping and essential to the growth strategy of modern commerce brands.”

Miami (PRWEB) July 14, 2022

Okendo, the most advanced customer review platform for ecommerce brands, today announced that it has raised a $26 million Series A financing round led by Base 10 Partners, with participation from Kraft Ventures and existing investor, Index Ventures.

Today’s announcement brings the total raised by Okendo to $33.5 million—mostly in the past 12 months.

“With more than 90% of shoppers reading reviews before shopping, reviews are an integral part of online shopping and essential to the growth strategy of modern commerce brands,” said Matthew Goodman, Okendo co-founder and CEO. “By building trust and giving shoppers in-the-moment decision-making tools, Okendo enables brands to drive sales and increase average order value.”

Recent testing showed that on average, buyers who interacted with Okendo had 2.5x higher conversion rates and 15% higher average order value.

Okendo now works with over 5,000 fast-growing merchants including industry leaders such as SKIMS, Haus, Crunchy Roll, Magic Spoon, Frame, Nomad, Buck Mason and Liquid Death.

By focusing exclusively on DTC merchants on the Shopify ecommerce platform, Okendo has developed major advantages over other alternatives, including:

  • An intelligent approach to review collections that uses customer and order data to personalize interaction, maximize content creation, and ensure review authenticity.

  • Displays highly performant content that minimizes impact on merchant page load speeds while offering comprehensive customization.
  • Deep integration with other commerce enablement technologies such as Clavio, Attentive and Gorgias.

“We have been very impressed by the continued innovation from Okendo,” said Hamid Saifi, senior vice president of digital retail at Liquid Death Mountain Water. “Okendo reviews are one of our most important conversion drivers. We also greatly value the customer data collected with Okendo, which we use to inform many other aspects of our business, such as marketing, support and product development.”

Today, the company employs 80 employees across Australia and the United States. The new funding will be used to enhance go-to-market activities and accelerate product development. “We expect the total workforce to grow north of 130 by the end of 2022,” Goodman said. “Okendo is on a mission to enable merchants to use their customers to grow bigger, faster. We are an important part of expanding our customer-focused platform to help merchants deepen their customer relationships. See opportunities and engage more deliberately with customers to drive more efficient, scalable growth.”

TJ Nahigian, Managing Partner, Base10 Partners, said, “Enabling key innovation in the retail megatrend in this age of Shopify, adoption and understanding of its customers is a huge unlock for any e-commerce brand.” “Base10 is thrilled to partner with Okendo to accelerate the personalized experience for both merchants and their buyers.”

About Okendo Okendo is a customer marketing platform that has been proven to help Shopify merchants convert shoppers into buyers. Trusted by 5,000+ of the world’s fastest growing consumer brands, Okendo helps merchants attract more buyers, drive more sales, and increase customer lifetime value. For more information about Okendo, visit http://www.okendo.io.

base 10. about

Founded by Adeyemi Ajao and TJ Nahigian Partners, Base10 is a San Francisco-based venture capital fund that invests in founders who believe the objective is key profit and companies that make real money, including transportation, healthcare, retail, logistics and construction. Automating sectors of the economy. , The Advancement Initiative, a base 10 growth-stage fund, donates 50% of profits to historically black colleges and universities to support financial aid and other major initiatives. Portfolio companies include Notion, Figma, FTX, Nubank, Nowports, Motive, Chili Piper and PopMenu. Connect via base10.vc.

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