Outvio, the Estonian SaaS fulfillment solution provider for online retailers, has closed a $3 million led by Change Ventures, with the participation of TMT Investments (London), Fresco Capital (San Francisco) and Lemonade.
This fundraising round, the first in Outvio’s history, will be used to expand the marketing and development teams, building on the success they have already achieved in Spain and Estonia to launch services across Europe. This is the largest first round of investment in an Estonian startup in the last four years.
What is Outvio
There are over a million online stores in Europe, with 4 billion packages shipped each year. There are several tools to easily create an online store and market products. But when it comes to the postpaid customer journey, there are significant gaps. Existing solutions focus on individual stages of the shipping process, but none provide a streamlined end-to-end solution that addresses the entire post-purchase customer journey. Once they reach a certain size, online retailers have no choice but to use a number of different tools or hire expensive developers to build in-house solutions.
With Outvio, online stores of any size they can offer their customers a post-purchase experience. They can manage and automate all processes after the sale, including shipping orders, but more importantly, they can control everything that happens after the order has been shipped. This enables online retailers to provide a first-class customer journey, with real-time order status updates on a personalized tracking page and a self-service portal to handle all your returns.
“We can provide any online store with all the necessary tools to deliver a superior after-sales customer experience. We can integrate at different points in your fulfillment process and, for large merchants, save you hundreds of thousands in development costs alone. What happens after the purchase is more important than most stores realize. More than 88% of consumers say it is very important to them that retailers proactively communicate every stage of fulfillment and delivery. Failing to do so, especially if there are problems, often results in the loss of that customer. Our mission is to help online stores streamline everything that happens after the sale, driving repeat business and brand-loyal customers with the help of a great post-purchase experience. “, said John Borrasco-founder and CEO of Outvio.
Expand throughout Europe
Outvio’s white label architecture enables custom branding and communication at all stages of fulfillment to create sales opportunities and close the customer journey loop. Outvio offers integration with your courier network or allows customers to connect with their own couriers. For larger customers looking for a high degree of customization, the app comes with its own API.
“The market for shipping and fulfillment apps is worth €2.5 billion in Europe alone, but none of those solutions take a holistic, integrated approach to the postpaid customer journey. Before Outvio, I used to have my own online store, so I knew all the pain points very well. However, we didn’t want to just create another shipping solution, but to solve a bigger problem for online stores that need to manage tens of thousands of orders per month, while allowing smaller stores to benefit from the same technology, which otherwise out of reach, for less than the average gym membership “, said Kaidi Tiitsonco-founder and chief marketing officer of Outvio.
Tallinn-based Outvio has been entirely self-funded since its launch in early 2018. In 2020, Outvio increased its revenue by more than 500%. Outvio will use the new funding to hire marketing specialists and developers to expand capabilities and product awareness as you anticipate European expansion.
“It’s no secret that e-commerce is growing fast. but it still accounts for only about 20% of global retail. While online retail has a long way to go, consumer expectations are rising when it comes to delivery time and standards. The same can be said for online store operators who are increasingly looking for more advanced solutions with a consumer-like user experience. The Outvio team has understood exactly what the gap in the market is and has done a great job of finding the product market fit with its modern SaaS fulfillment platform. Your excellent performance without any outside funding is a demonstration of your ability to lead Outvio to success, and we look forward to facilitating your continued growth. “, said Rait Ojasaarinvestment partner of leading investor Change Ventures.
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