Spangle, an AI e-commerce startup founded by former Bolt CEO Maju Kuruvilla, has secured $15 million in a Series A funding round, bringing the company’s valuation to $100 million post-investment. This investment, led by NewRoad Capital Partners, follows a previous $6 million seed round and brings Spangle’s total funding to $21 million.
Retailers are adapting to evolving consumer behavior in online product discovery, with AI tools and recommendation engines shaping purchasing decisions before shoppers even visit a brand’s website. Spangle offers a solution by providing software that enables retailers to customize shopping experiences in real-time using AI-generated product recommendations and layouts based on individual browsing contexts.
Spangle has attracted nine enterprise clients, including prominent fashion retailers like Revolve, Alexander Wang, and Steve Madden, with a collective online sales volume of approximately $3.8 billion. The platform has experienced a 57% month-on-month increase in traffic and reported a fourfold rise in annualized revenue in the last quarter.
Central to Spangle’s strategy is the utilization of ProductGPT, a proprietary AI model that dynamically populates website pages based on various shopper signals such as past interactions, search history, and referral sources. Instead of static product pages, Spangle creates personalized experiences for visitors, enhancing engagement and driving conversions.
Source: TechCrunch