Unbxd, which is a product discovery platform based on the cloud, has raised a total of $12.5 million in their Series C funding led by Eight Roads Ventures, which is the proprietary investment arm of Fidelity International. Other existing investors include Kris Gopalakrishnan, Inventus Capital Partners, and IDG Ventures.
Unbxd was founded by Prashant Kumar and Pavan Sondur in 2011, raised seed money the next year, and followed up with Series A funding in 2013.
Kumar explains, “Traditional rules-based e-commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers. With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek.”
This company provides e-commerce companies with many different services, including analytics solutions, navigation, merchandising, product recommendations, and search. Unbxd serves at least 1200 companies who are located in a total of 40 countries.
Some of the most important clients of Unbxd include ibSupply, Rue21, Express, Ashley HomeStore, and Fresh Direct.
“Unbxd has a great product-market fit, and now is the right time to accelerate its go-to-market strategy. E-commerce product discovery tools represent a multi-billion-dollar opportunity globally, and Unbxd is well positioned to emerge as a leader in the space,” Raj Dugar, a managing partner at Eight Roads Ventures, said in the release.
Previously, Unbxd has raised more than $14 million in funding across five rounds from various investors. An undisclosed amount was raised in the Series B round, which was led by Nirvana Venture. In Series A funding, the company raised $2 million from Capital Partners and IDG Ventures India. The company has also received an undisclosed amount from the Indian Angel Network.
Unbxd will be using the funding to better reach out to customers. This will be done by enhancing the company’s personalized search, navigation, and product recommendations. They will also be opening new offices in Chicago and New York. Current offices are located in Bangalore, India, and California.
Unbxd is certainly moving in the right direction, but there are competitors out there to shake things up. ShopsUp is a new company that offers localized discovery of lifestyle products. Infibeam also provides BuildBazzar, which is a cloud-based solution for e-commerce merchants.
But some believe that Unbxd has what it needs to keep moving into the future. “Unbxd has a great product/market fit, and now is the right time to accelerate its go-to-market strategy. E-commerce product discovery tools represent a multi-billion-dollar opportunity globally and Unbxd is well positioned to emerge as a leader in the space,” said Raj Dugar, Managing Partner, Eight Roads Ventures.
Looking at the 400% that the brand moved in the last year, it may be one to keep on watch. Looking at the 1.5 billion shopping interactions per month, you can see how big this little company actually is. Unbxd doesn’t seem as if it will be going anywhere anytime soon.