# Klevu

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/klevu

- Industry: Internet
- Headquarters: Helsinki, Finland
- Website: www.klevu.com
- Total disclosed funding: $18M
- Latest round: Series A (Apr 8, 2021)
- Investors on record: 5

## About

Klevu Oy, based in Finland, delivers advanced AI-driven search and discovery software solutions to enhance e-commerce platforms, optimizing product discoverability and improving user engagement.Founded in 2013 in Helsinki, Finland, Klevu Oy develops software focused on search and discovery solutions for e-commerce. The company was initiated by co-founders Nilay Oza and Niraj Aswani. Klevu has successfully raised a total of USD 12.00 mn, with the latest funding round being a Series A led by Alfven & Didrikson, which contributed to their total amount raised. The company has completed five deals to date.Klevu AI specializes in advanced AI-driven search and discovery solutions tailored for e-commerce platforms. Their core offerings include a market-leading AI/ML search engine, product recommendations, and category merchandising solutions, designed to enhance the online shopping experience by improving product discoverability and user engagement. Klevu's technology integrates seamlessly with various e-commerce platforms, empowering businesses to optimize their search capabilities and deliver personalized experiences to shoppers. Their client base consists of diverse sectors, including retail, fashion, food and beverage, and beauty, serving customers across North America, Europe, and Asia.In 2023, Klevu AI reported a revenue of USD 12,662,292.80 and an EBITDA of USD 1,401,972.40. Klevu operates on a subscription-based revenue model, allowing businesses to access its search and discovery software with tailored pricing plans that promote scalability as e-commerce operations grow. The company fosters long-term partnerships with clients, enabling retailers and wholesalers to enhance their Average Order Value (AOV) and customer retention through its advanced search functionalities.Klevu Oy plans to utilize its recent funding, including an undisclosed amount from Lagoon Capital, to enhance its product offerings and expand into new markets. The company aims to develop new products designed to further optimize e-commerce search functionalities. They are targeting expansion into additional regions in North America and Asia by the end of 2024, reinforcing their commitment to improving e-commerce experiences globally.

## Funding rounds

- Series A, Apr 8, 2021, $12M — Alfven & Didrikson, EVLI Growth Partners, Jerry Pruttz Holding
- Series A, Nov 22, 2019, $5.5M — Inventure, EVLI Growth Partners
- Seed, Apr 1, 2014, $0.3M — Inventure, Pivot5

## Investors

- Inventure (https://capitalatlas.ai/funds/inventure) — Seed, Series A
- Pivot5 (https://capitalatlas.ai/funds/pivot5) — Seed
- EVLI Growth Partners (https://capitalatlas.ai/funds/evli-growth-partners) — Series A
- Alfven & Didrikson (https://capitalatlas.ai/funds/alfven-didrikson) — Series A
- Jerry Pruttz Holding — Series A