TLDR:
Constructor, a leading AI-powered product discovery and search platform for enterprise ecommerce, has raised $25 million in a Series B round led by Sapphire Ventures. The company’s valuation has tripled to $550 million. The investment will fuel further product innovation and international expansion.
- Constructor closes $25 million Series B round.
- Valuation triples to $550 million.
Full Article Summary
Constructor, a prominent AI-powered product discovery platform for enterprise ecommerce, has secured $25 million in a Series B funding round led by Sapphire Ventures. This fundraising round has tripled the company’s valuation to $550 million, marking substantial growth since its previous Series A in 2021.
The investment will drive product innovation and international expansion for Constructor, with a focus on enhancing ecommerce product discovery through cutting-edge AI technology. The oversubscribed Series B round was completed during a period when Constructor was not actively seeking funding.
Key highlights of Constructor’s recent success include doubling revenue for the third consecutive year, facilitating over 100 billion shopper interactions in the past six months, and expanding its customer base by 50%. Prominent ecommerce brands like Under Armour, Petco, and Sephora rely on Constructor’s AI technology to enhance product discovery for their customers.
With an average client retention rate of 98.5% over the last three years, Constructor has demonstrated a strong track record of delivering value to its customers. The company’s AI Shopping Assistant (ASA) has received accolades for its conversational product discovery capabilities.
Constructor’s strategic partnerships with Sapphire Ventures and Silversmith Capital Partners will enable the company to further develop its ecommerce functionality and expand into new geographical markets. Through the application of advanced AI algorithms and machine learning, Constructor continues to drive significant results for its clients, including a 16.5% increase in average order value, 247% increase in revenue per visit, and more.
Customers like Petco have experienced tangible benefits from using Constructor’s AI technology, including increases in ecommerce conversions and site-wide revenue. The company’s commitment to transparency and innovative AI solutions has positioned it as a leader in the industry.
Constructor’s ongoing dedication to product innovation and customer
