Checkmate, a personalised smart shopping tool, has scored $5m in a seed funding round headed by Fuel Capital.
Also taking part in the round were Blackbird Ventures, Susa Ventures, Hyper, Scribble Ventures, f7 Ventures, Kevin Johnson – former CEO of Ebates at Rakuten – and many others.
Checkmate claims its smart shopping tool makes it easy for users to discover brands, apply savings and manage their orders post-purchase.
The company added that its solution is the first that gathers all the best deals from a user’s personal email and the web and automatically applies them at checkout to help smart shoppers save the most they can.
Checkmate said it functions as a powerful conversion engine that helps businesses attract targeted audiences and build long-term relationships with their customers.
In a testing phase, users engaged with Checkmate 3.5 times per week and saved more than 27%, on average, when purchasing, versus roughly 15% with traditional savings apps.
Checkmate claims it will use the new funding to accelerate its product development and customer growth.
Checkmate CEO and co-founder Harry Dixon said, “With record-high inflation, economic uncertainty and a volatile stock market, consumers are looking to save wherever they can. At the same time, skyrocketing digital ad costs mean retailers and brands need new ways to establish and build their own customer relationships. We’re extremely proud to partner with this prestigious group of investors as we roll out a delightful product that helps smart shoppers save, while helping brands drive conversion and loyalty.”
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