The Czech OUTFINDO has secured €1.2M in late-seed funding led by Eleven Ventures. The company’s AI-powered platform, which has already demonstrated impressive results with up to 3x increase in conversion rates, aims to bridge the gap between traditional retail expertise and digital shopping experiences.

“We are super proud to join the Eleven family and to be part of such an inspiring network of innovators. The know-how and guidance we’ve already gained from working with Eleven have been invaluable in navigating our journey. Collaborating with fellow Eleven family members has allowed us to share what works and learn from each other’s experiences,”  says Jan Matějů, OUTFINDO CEO and founder.

The Growing Challenge of Online Shopping Decisions

In today’s digital marketplace, consumers face an overwhelming array of choices when shopping online. Research shows that 99% of customers begin their shopping journey online, yet 81% struggle with product selection due to complexity. This challenge is further emphasized by the fact that 76% of consumers prefer expert advice before making purchasing decisions, and 60% take six or more actions before committing to a new product or brand. These statistics highlight a critical gap in the e-commerce experience that traditional platforms have failed to address effectively.

From Professional Cycling to E-Commerce Innovation

OUTFINDO‘s journey began with founder Jan Matějů’s experience as a professional cyclist, where he frequently helped friends and family navigate the complex process of choosing the right bicycle. This personal experience, combined with his background in marketing at Telefónica O2 and leadership role at Dáme jídlo, led to the creation of a solution that brings expert-level guidance to online shopping. Founded in 2020 alongside Ondřej Bouda and Martin Chrz, OUTFINDO has rapidly evolved from serving just two product categories in two countries to supporting 26 product categories across 10 nations.

OUTFINDO – AI-Powered Shopping Assistant

At the heart of OUTFINDO’s solution are two sophisticated AI models: Beacon and Diver. Beacon analyzes customer behavior patterns to provide personalized guidance, while Diver enhances product data accuracy. The platform’s Product Guide integrates seamlessly into retailer websites, creating a conversational, decision-based process that helps customers narrow down their choices to the most suitable options. This integration has proven highly effective, with up to 44% of visitors engaging with the guide in standard placements and 72% on dedicated guide pages.

Proven Results and Market Impact

The effectiveness of OUTFINDO’s solution is evident in its impressive metrics. Partners implementing the platform have seen conversion rates increase by up to three times, while product returns have decreased by as much as 70% in some cases. These results demonstrate the platform’s ability to not only improve the customer experience but also deliver tangible business benefits to retailers. Major retailers including Allegria, Cycles UK, and Grenion have already partnered with OUTFINDO to enhance their online shopping experience.

Future Growth and Strategic Expansion

With the new funding secured, OUTFINDO is poised for significant expansion. The company plans to leverage its success to enter new markets and expand into promising product categories including electronics, home appliances, sports equipment, and baby care. A key focus will be the development of a self-service solution to make the platform more accessible to smaller e-commerce retailers. Additionally, OUTFINDO will enhance its AI capabilities, particularly the Beacon model, to provide deeper insights into customer behavior and develop advanced analytics capabilities for retailers.

Investment Impact and Industry Support

The €1.2M investment, led by Eleven Ventures and supported by Lighthouse Ventures and Borovička Capital, represents more than just financial backing. As Eleven Ventures partner Ivaylo Simov notes, “AI will reshape how we shop and how we select the right products for our needs. Outfindo’s value proposition is perfectly aligned in that direction.” This investment builds on previous funding rounds that included notable investors such as JARO Capital, Presto Ventures, and successful entrepreneurs like Richard Valtr, founder of Mews.