Zoovu plans to invest in its go-to-market strategy and product development. Here are the top-line bullets you need to know.
Zoovu, a product discovery and search startup, has raised $169M in growth equity funding from FTV Capital.
How’s the company performing?
- Massachusetts-based Zoovu helps B2B and B2C organizations enhance the discoverability of their products.
- Using an algorithm trained on a dataset of 17K categories and 50K+ product features, the company is able to help businesses normalize their product data.
- Zoovu reportedly witnessed 70% year-over-year revenue growth in 2021.
- The company currently caters to over 2.5K customers, including Euronics, 3M, General Electric, Whirlpool, and Microsoft.
- Zoovu, which is currently supported by a team of approximately 210 employees, has offices in London, Boston, Berlin, Paris, Ghent, Vienna, and Wroclaw.
Source: Zoovu
Why does the market matter?
- The global personalization software market is expected to reach a value of $2.7B by 2027, growing at a CAGR of 23.52%, according to 360i Research.
- The growing revenue opportunities associated with improved customer satisfaction have contributed to market growth. In addition, companies are increasingly turning to solutions that enhance mobile engagement in the face of rising smartphone penetration.
- Major players have entered the AI-driven personalization market. For example, Amazon launched Personalize, a tailored search provider, and Google added app personalization to Firebase, its development platform.
