New York, USA-based customer loyalty operating system for Shopify brands, Stay Ai raised USD 15.1 million in Series A funding. The round took place on August 1, 2023. Telescope Partners led the USD 8.6 million financing for the firm. Besides, Boulder Food Group, Riverpark Ventures, and Vanterra Capital joined in Series A. Meanwhile, Watchfire Ventures led the USD 7.5 million investment. Industry leaders such as Nik Sharma (Sharma Brands) and Adam Turner (Postscript) provided the funding.
Purpose of financing for Stay Ai
With the latest proceeds from the Series A round, the company seeks to continue the momentum of its rapid first-year growth, which concluded with more than 300 merchants. Its clientele, such as Vita Coco and Momofuku, chose the platform over legacy solutions, as well as the acquisition of RetentionEngine™, a pioneer in applying machine learning to e-commerce.
In addition, the company has plans to expand its product-centric 50+ team, driving an industry-leading innovation roadmap. It also seeks to support acquisition strategy.
What do the co-founders of the company have to add
Gina Perrelli, co-founder of the company, said, “After building subscription and retention programs for 100+ brands, it felt crazy to me that we A/B test every other channel like email or SMS, but with loyal subscribers, we just set it and forget it.”
In addition, Pierson Krass, co-founder of Stay Ai, commented, “E-commerce brands urgently need dependable, higher-margin revenue, and subscription programs were ripe for innovation. The first half of 2023 was all about integrating proprietary machine learning models into our platform, both for more personalized experiences and to automatically improve outcomes. Next, we’re focusing on a variety of never-before-seen tools to help brands better reward and retain customers.”
What the investor has to comment
Amit Parekh, Principal, Telescope Partners, further said, “Stay Ai puts brands and their consumers first, and we’re confident it will become a leading subscription and loyalty solution.”
About the company
Gina Perrelli and Pierson Krass launched the company in 2018. Stay Ai’s platform revolutionizes legacy subscription tools in the Shopify ecosystem. Stay Ai’s marquee ExperienceEngine™ allows brands to apply performance marketing tactics to their subscription programs to manage and personalize customer lifecycles in cutting-edge ways. These unique features have enabled brands such as Olipop to drive a 35% lift in subscriber revenue within 90 days of moving to Stay.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
