Okendo wants to turn your customers into customers by improving customer reviews.

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No seller likes a bad customer review and Oquendocustomer marketing platform, today announced a $26 million Series A award to continue developing its customer review tools for e-commerce brands.

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Base10 partners led the funding round, joined by Craft Ventures and existing investors Index Ventures. This gives the company $33.5 million in total capital raised to date.

Matthew Goodman Oquendo customer reviews customer reviews

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Matthew Goodman, co-founder and CEO of Okendo Image credits: Oquendo

Matthew Goodman and co-founder Matt Garven founded Okendo in 2019 after working together at VidTitan, a company founded by Goodman that was a Shopify merchant app for collecting video and customer reviews. They found that e-commerce was the sector that had the most appeal for VidTitan and turned the company into Okendo.

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Today, the company works with over 5,000 consumer brands, mostly direct-to-consumer merchants powered by Shopify to reach more customers, drive sales, and increase customer lifetime value. Clients include Skims, Haus, Crunchyroll, Magic Spoon, Frame, Nomad, Buck Mason and Liquid Death.

Here’s how it works: Okendo allows merchants to collect high-impact content directly from buyers, including product ratings and reviews, customer-generated photos and videos, questions and answers, and other individual customer data such as preferences and behaviors.

These sellers can then display ratings and reviews on their website or social media to tell more personalized marketing stories.

“Merchants can leverage the power of their customers to increase trust, increase conversions, and improve productivity and customer experience,” Goodman told TechCrunch.

Recent tests by Okendo show that, on average, shoppers interacting with its tools have a 2.5x higher conversion rate and a 15% higher average order value.

In terms of competition, Goodman believes Yotpo, an e-commerce marketing company that raised $230 million in funding last year, will be Okendo’s closest competitor. However, according to him, his company is different in that it takes a customer-centric approach and focuses on that Shopify community, which means deeper integration and better use of marketplace technologies. As a result, merchants can more easily set up and deploy Okendo.

“We also have a unique approach to how we create client content that combines the use of client audit data to be able to provide more personalized content, collection invitations, and then that is combined with a unique content collection approach that is focused to mobile devices. approach along with some different gamified elements to maximize the amount of content we collect,” Goodman added.

The company employs 83 people in Australia and the US. Over the past 12 months, the company has doubled its annual recurring revenue.

The new funding will enable Okendo to accelerate time to market and product development, including some releases scheduled for late 2022. The company also expanded to North America in early 2021, so the capital injection will help with the expansion. This year, Goodman plans to add 50 employees to the team in all departments, but especially in development, sales and marketing.

TJ Nahigian, managing partner at Base10 Partners, says his firm has made about nine investments in the e-commerce category and has identified Okendo as a review leader.

“We learned that this is much more than just a customer review platform, that it was the original wedge, but there was a desire to turn it into something more,” Nakhigyan told TechCrunch. “When we talked to clients, we saw what kind of ROI they get. It is becoming more and more important for merchants to get closer to their customers to help build trust, sell products, and build trust, and Okendo is, in our opinion, the #1 platform and product to do this today.”

Credit: techcrunch.com /

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