Startup Triple Whale has announced plans to raise $25 million in funding to develop its intelligent data platform Shopify.
The new Series B funding round is an addition to the $24 million 2022 Series A round (led by Elephant) and the $2.7 million starting round (led by NFX).
To receive financing for $ 25 million, companies must voice to investors impressive arguments in favor of the prospects of providing money. Triple Whale has such arguments. On an annualized basis, the firm’s growth was 1400%. Currently, the company’s service is used by more than 5 thousand brands. Last year, the total sales volume of these brands exceeded $ 14 billion.
The co-founders of Triple Whale are AJ Orbach (CEO), Ivan Chernykh (Technical Director), and Max Blank (Executive Director). Orbach and Blank, who met in Jerusalem as aspiring entrepreneurs, entered the startup ecosystem by launching their brands and stores on this platform.
The idea of Triple Whale is to combine many store management tools in a single product format.
Orbach says that the main product of the startup was a single tool consisting of spreadsheets, previously used by him to track the costs of advertising campaigns and general performance indicators.
At the start of the startup’s activity as a provider of management tools, at the end of 2020, Apple launched iOS 14 and new privacy features. This meant that many store owners could no longer rely on data from Facebook. In this regard, Triple Whale has created a new attribution system called Pixel.
With Pixel’s help, the startup offers merchants first-person attribution and real-time data. Now the team is focused on creating automation, machine learning, and tools based on artificial intelligence. For example, the new rules mechanism and the AI Timing function help automate the purchase of media.
As we have reported earlier, Shopify Introduces Commerce Components.