- Date published
Compatio, the Intelligent Commerce platform that moves the in-person customer experience (UX) online, today announced it has completed a $1.5 million Seed Round of financing. With participation from both existing and new investors, a $250,000 investment from the Missouri Technology Corporation (MTC) was the catalyst to attract the final investment to close the round. The round was led by Kurt Hellweg, former CEO of American Dehydrated Foods.
Compatio participated in the Springfield-based efactory 2019 accelerator, which was instrumental in helping build Compatio’s investor network. This investment adds to Compatio’s $900,000 Pre-Seed Round, bringing total funding since launching the development of its revolutionary knowledge -based commerce platform to $2.4 million. The funds will help the company aggressively expand its sales and marketing efforts, as well as broaden and accelerate product development.
“Ecommerce was growing at a rapid pace and the COVID-19 pandemic accelerated that growth. However, many retailers selling products that include multiple components have failed to create an effective online user experience, limiting their ability to take advantage of ecommerce opportunities,” said Kurt, Hellweg, lead investor, “We are excited about Compatio’s solution as it recreates a personal user experience in an ecommerce environment.”
Compatio’s Knowledge-based Commerce Suite provides an Intelligent Customer Experience® that accelerates online purchases. This increases retailer revenues through analytics-driven matching of components to create an optimal final product, precision cross-selling, decreases costs due to returns, and improves customer satisfaction. Buyers, whether consumers or corporate, enjoy a faster, more seamless purchasing experience. Compatio’s technology understands the compatibility relationships between products, and between products and services, enabling a B2B buyer or consumer to discover and buy the correct product solution that precisely fits their needs.
“In today’s multi-channel retail marketplace, retailers of all sizes must move quickly to create a personalized eCommerce experience. Consumers and corporate buyers will continue to rethink the retailers they work with and those that focus on selling a holistic solution versus a series of products will win out,” said Tim Baynes, CEO and Founder of Compatio. “Retailers can not only increase sales and improve customer loyalty, they can increase margins. Our retailers are seeing several hundred percent ROI within just weeks of implementing our system.”
Tim Baynes, Compatio CEO & Founder
About Compatio
Based in Springfield, Missouri, Compatio is building the world’s first Knowledge-Based Commerce platform, and the only digital commerce platform engineered specifically to sell complete solutions and not just products. Tim Baynes, Compatio’s Founder and CEO, is globally recognized for his expertise in product configuration, a.k.a. CPQ or configure-price-quote systems. He has designed, implemented and led project teams for these systems at Fortune 100 companies worldwide.
About Missouri Technology Corporation
The Missouri Technology Corporation is a public-private partnership created by the Missouri General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech companies. Its mission is to provide leadership and make strategic investments that help entrepreneurs create and grow technology-based Missouri businesses.
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Recent Press:
StreetInsider – Feb. 8, 2021
GlobalNewswire – Feb. 8, 2021
