Blog

Klevu Secures 5 Million Euros in Series A Funding

by Klevu on November 22, 2019

3 min read

Today, Klevu are excited to announce the completion of a 5 M€ Series A round investment.

Our press release in Kauppalehti and Talouselama went live today.

“Klevu has been growing strongly over the past few years and while we have already invested a lot in our growth, we feel that the market opportunity is huge and we want to accelerate our growth even more.”

Nilay Oza, CEO of Klevu

This round of funding was led by EVLI Growth Partners with participation from current investors, Inventure and continuing angels – such as Jacob Dalborg and Jonas Dromberg – an exciting confirmation and belief in the values and growth of Klevu’s technology and team. Ari Korhonen, an experienced business angel, also invested in the round and will join the Board of Klevu.

Ari Korhonen, the new Board member of Klevu comments:

“Klevu has demonstrated a really strong value proposition to its customers has an excellent track record of growth over the past few years. As Klevu is gaining market share and long-lasting customers on a market that is growing strongly, we are excited to join Klevu in driving the growth of its business.”

Since inception, Klevu’s intent has been to serve shoppers with the best on-site search experiences and help companies grow their business. This funding round ensures Klevu can continue to move closer towards our goal of giving mid-to-enterprise retailers the technology to convert shoppers with a best of breed technology. The latest investment will accelerate the development of Klevu at the intersection of NLP and ML and spearhead our vision to connect billions of shoppers to the most relevant products, site-wide.

More specifically, the Series A round will be used to accelerate Klevu in the following areas:

Scale up marketing & sales and expand to new markets
Advance our technology and customer support
Extend and intensify our partnership program globally and deliver the best partnership experience available

Since Klevu was founded in 2013, we have grown to powering over 3000+ online stores and 800 retailers. Over the last year we have added noteworthy retailers to our growing list of customers, to name a few- Colourpop, MarcFisher, Made.com, Bulletproof and Manduka. Thanks goes to our platform partners Shopify, Magento and BigCommerce who have helped us scale and grow with retailers via our direct integrations, apps and imminent API launch.

With a strong multi continent, multicultural team Klevu has grown to 60 team members- spanning from marketing & sales to technical support and with the new round of funding we can now act on our long-term plan to continue to grow in all areas of the business.

Our immediate goal is to invest in a team that can continue to scale our already world-class products, On-site Search and Advanced Smart Category Navigation. We have already spent the last few months planning the new growth investment program. This will allow us to feed back into the founding mission of Klevu: to provide accessible on-site search for retailers, globally and we are on track to deliver this.

As consumers and retailers expectations of on-site technology grows, Klevu is focused and confident to rise to the challenge.

To our team, partners, customers and investors that have helped us drive growth in the last 6 years – we thank you. We are excited to continue to grow these relationships with you all and look forward to 2020 and beyond!

Bring it on.