Softcube, Ukrainian startup based in the city of Dnipropetrovsk, has raised $400k, of which $200k from DigitalFuture, a Kyiv based seed-stage fund, and another $200,000 from two individual investors. The terms of the deal have not been disclosed.
Softcube is ready-made solution for personalized merchandising and product recommendations for e-commerce, allowing any online store to afford gaining more profit with technologies similar to Amazon and Netflix. Softcube collects customer behavior data, uses algorithms to analyze it and creates ways to get in touch with customers. Algorithms produce shopping recommendations for customer based on historical data. The goods meant to be valuable for customers can reach them via a number of channels: like recommendation block on site, personalized emails or push notifications. Recommendation blocks like “Frequently Bought Together” in turn increase click-through rates, average order size, and total sales. Developed by Softcube personalized product recommendation technology claims to improve customer shopping experience, increases conversions and boosts total sales by up to 20%.
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Softcube was founded in 2012, and according to AIN.UA, the startup secured a seed round in late 2014, with individual investor Ruslan Savchin investing an undisclosed amount. The raised funding now are to be spent for global expansion of the service and securing more implementations. The plan for the nearest future is also to open up a new office in one of the European hubs.