The round was led by Target Global and MoreTech Ventures, and was attended by existing investors NFX and Altair Capital; The company, founded in 2014 by Ronen Yuval Hoch and Yonatan Friedman, has 65 employees. Friedman: “Recruitment will help us expand the AI core of the shopping plugin”
The start-up company Karma, which develops technology that aids in online shopping, raised $ 25 million in Round A. The round was led by Target Global and MoreTech Ventures, and was attended by existing investors NFX and Altair Capital. The company, which was founded in 2014 by Ronen Yuval Hoch, VP of operations, and Yonatan Friedman, CEO, will use the capital raised to significantly increase the number of employees in the company. The company has 65 employees, 35 of them in Tel Aviv and 30 in the United States and Belarus. To date, the company has raised $ 34 million.
Karma’s shopping add-on offers a friendly shopping planning tool, automatic search of promotions, financial benefits, price tracking, inventory and other advanced development features. “The recruitment will help us expand the AI core of the shopping plugin and use machine learning to provide advanced capabilities to our users and expand our commitment to the best price in the market,” said Jonathan Friedman, co-founder and CEO of Karma. “Behind the scenes we are now building The largest digital shopping network in the world. It will allow us to take advantage of additional commercial opportunities in markets close to our current field. ”
The company said that during 2021 it saved $ 144 million for the 3 million users of the app who purchased products on the sites. Its affiliate network includes Sephora, Net-A-Porter, Urban Outfitters, Farfetch and Macy’s.
“The Corona plague has accelerated the development of e-commerce by ten years in six months,” said Shmuel Hefetz, general partner and vice chairman of Target Global. . We believe that Karma can become the market leader by automating the shopping experience. The Karma AI-based shopping plugin installed in a browser unknowingly upgrades the shopping experience and makes shopping more efficient and profitable. ”
“Karma has set itself the task of improving every consumer’s shopping experience and ensuring that no one misses a product or pays more than they should,” said Gigi Levi-Weiss, a partner at NFX.