Company Plans User Growth Initiatives and Expansion into Adjacent Market Opportunities
TEL AVIV, Israel, Oct. 14, 2021 /PRNewswire/ -- Karma, the browser-based AI shopping assistant and shopping network that created a whole new way to shop smarter for millions around the world, announced today the closing of $25M in Series-A funding led by Target Global followed by MoreTech Ventures, with participation from existing investors including NFX and Altair Capital. Karma will use the funding to grow its team, double down on AI, machine learning and predictive analytics, scale its userbase, and expand into adjacent market opportunities.
Karma's smart digital shopping assistant offers an easy-to-use, AI-powered shopping tool in one universal app across all devices. It empowers consumers' shopping decisions through a clever shopping planner, automatic coupon finder, cash rewards, price/inventory tracking with more innovative features in the works.
"COVID-19 accelerated the e-commerce market by 10 years in just six months," said Shmuel Chafets, general partner and vice chairman, Target Global. "Impressively, more than two billion online shoppers purchased $4.2 trillion of goods or services in 2020. In this massive, fast growing market, we believe Karma can become the market leader in automating the shopping experience. Karma's browser-based AI shopping assistant elevates the shopping experience for customers tremendously and makes online shopping more efficient and rewarding for them."
Karma has delivered savings of more than $144 million to three million users in 2021. Karma also helps boost sales, deliver new customers and lower shopping cart abandonment for more than 20,000 retail partners on its unified shopping network, including Sephora, Overstock, Net-A-Porter, Urban Outfitters, Farfetch, and Macy's.
"This funding round will help us continue to enhance our core AI shopping assistant using machine learning to deliver smarter capabilities to our users and extend our "best price guarantee" on many more e-commerce sites," said Jonathan Friedman, co-founder, and chief executive officer, Karma. "Behind the scenes, we are building the most extensive digital shopping network in the world. This will allow us to capitalize on opportunities in markets adjacent to the online shopping experience."
"This round of funding is a vote of confidence in our success improving the shopping experience for users and our vision for our future -- and this is only the beginning. We are thrilled to work with the teams at Target Global and MoreTech Ventures as we expand our services and grow our company. I couldn't be more proud of the Karma team," said Friedman.
"Karma is on a mission to make everyone's shopping better, ensuring no one ever misses a product they want or pay more than they should", said Gigi Levy-Weiss, general partner at NFX. "We love Karma. It's a customer-first company obsessed with providing real, tangible value to millions of users in every interaction. We are delighted about the new funding round, which will allow us to bring more value to more customers through Karma."
About Karma Karma is an easy-to-use AI shopping tool that powers an automated smart shopping experience on users' laptops or smartphones to save them time and money. Following a simple download, users start their online shopping journey. Karma incorporates real-time, dynamic merchandise data and alerts users to the lowest available price point. It also automatically integrates and applies valid discount offers, coupons and cash-back rebates from its 20K+ retail partners.
For more information and to download Karma, visit www.karmanow.com. Follow Karma on Instagram @shopwithkarma