FERMAT—a company that enables every retailer to create unique shopping experiences for each customer—announced it raised $17 million in funding. This funding round was led by Bain Capital Ventures (BCV), with participation from existing investors Greylock, QED Investors, and Courtside Ventures. FERMAT has raised over $30 million in total, including this funding round.
The funding round will enable the company to continue fueling growth for customers, such as True Classic, Jack Archer, mindbodygreen, U Beauty, and Nood, and many ad agencies.
FERMAT offers consumers a seamless end-to-end shopping experience and greater ad performance for commerce brands. As shoppers engage with a brand on social, email, or SMS, FERMAT utilizes AI/ML to offer a unique and personalized journey from ad to sale. During the process, FERMAT carries relevant data about the customer like the products they like, discounts that were seen, and influencers in which they have connected.
With the cookies being phased out, retailers have struggled to generate the same levels of performance from advertising campaigns on TikTok, Instagram, and other social platforms. So brands have returned to providing one-size-fits-all and static experiences that connect less with shoppers. Through FERMAT, e-commerce brands are able to support thousands of different iterations of the same storefront, each based on personal context with the shopper.
Through FERMAT, innovative commerce brands are able to launch, test, and optimize thousands of highly specific landing page experiences at the same time, each targeted to that individual customer. And FERMAT’s easy-to-implement and no-code platform is powered by a proprietary commerce graph.
KEY QUOTES:
“Retailers have lost their first-party data sources and the one-dimensional landing pages of the past are no longer effective. FERMAT, led by a team of industry veterans from LiveRamp, is building the next powerful paradigm for merchants: the self-iterating shoppable experience based on first-party data.”
- Scott Friend, partner at BCV
“Privacy has forever changed customer acquisition online into a world where unique, one-to-one journeys are no longer a nice-to-have but a necessity in order to engage consumers online. FERMAT ushers in a future where merchants can show a unique shopping journey for every online touchpoint. Consumers will expect native experiences.”
- Rishabh Jain, CEO and co-founder of FERMAT
“Of all the vendors we have worked with in the e-commerce space, FERMAT has been the best. Within one month of working with FERMAT, we saw a 31% reduction in CPAs and a 29% increase in new customer acquisition. In addition, the customer service provided from the FERMAT team is best-in-class. They have been helpful with providing insights and building new product features to support our business objectives.”
- Tracy Rosecrans, president of mindbodygreen
