Price.com, a California (United States) based AI-driven comparison shopping platform, announced on 31st March 2021 that it has raised US $ 10 million in its seed funding round.
Investors: The round was led by Ricky Caplin, Chairman of Caplin Family Offices, along with participation from scores of other angel investors including Vanja Josifovski, CTO of Airbnb; Richard Socher, Chief Data Scientist at Salesforce; Noah Beck; Larry O’Connor, founder of OWC (Other World Computing); Lacey Edwards; Jure Leskovec and more
“Price.com is a game-changer in e-commerce. The concept is simple and elegant, but what I’ve found most impressive are the deep AI and machine learning capabilities backed by a phenomenal leadership team. I’m confident Price.com will quickly become a household name and help many people save their hard-earned money.” — Ricky Chaplin, Chairman of Caplin Family Offices.
Purpose of investments: The latest round brings the total funding raised by Price.com to around US $ 15.5 million. It will use the funds from the current round to support its user acquisition, enhance its core product matching technology, scale its operations and add more features to its B2C platform.
Price.com was founded in 2016 by RJ Jain as an innovative money savings platform that offers comparison shopping, cashback, coupons, price-alerts and more.
It states its mission as follows- “To be the ultimate money savings platform to maximize savings for consumers.”
The core feature of Price.com is its AI-powered patented matching technology that offers a real-time discovery of new, white labelled, used, refurbished and rental products.
The demand for Price.com’s platform has increased a lot over the past year and it has even better prospects in the coming future as the e-commerce US market is projected to reach US $ 5 trillion by the end of the current year.
What the CEO has to say:
“Our mission is to empower people with full transparency into all of their shopping options so that they can make convenient, personalized, responsible purchases. We show online shoppers their ever-growing and uniquely relevant range of options to save them time and money. The ability to make eco-friendly purchases such as used, local or rental shouldn’t be difficult, yet online shoppers universally encounter problems finding what they’re looking for”— RJ Jain, founder and CEO of Price.com
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