Investment for Amsterdam startup
The funding round was led by investment company Keadyn, with participation from Ventech (Paris) and a number of angel investors. “Crobox have a highly talented interdisciplinary team which managed to merge the power of entrepreneurship, computer science and human behaviour. Their uniquely blended technology results in an industry-leading marketing message optimisation, which will perform even better over time due to its machine learning capabilities,” said Ohad Gilad, managing partner at Keadyn.
The platform delivers a blend of notifications, micro-copy and product tags, all based on pre-defined emotional triggers. A library containing more than 200 different psychological triggers helps the customer experiment with a multitude of tactics to optimise messaging across segments.
Crobox currently serves over 20 global customers, including Rakuten, T-Mobile and Under Armour. Dimitri Arts, head of eCommerce at Under Armour, said: “Under Armour has an ambitious plan for online growth in Europe. With the persuasion analytics technology from Crobox, we know better how to communicate across cultures and convert our audience to loyal fans of our brand.”
Consumer insights through ‘persuasion profiling’
Crobox works on the basis of the notion that most consumer decisions are driven by emotional and subconscious triggers rather than rational consideration. “More than 95% of the daily decisions you make are driven by the subconscious mind. People think they make a decision on a rational basis, but in fact it is driven by emotional triggers. Crobox has built a data-driven ‘persuasion framework’ in order to help global eCommerce brands drive those purchase decisions and provide unique consumer insights through their persuasion profiling engine. By making use of machine learning, the technology knows exactly which persuasion tactic does, and doesn’t, work for every individual,” explains Rodger Buyvoets, CEO & founder of Crobox.
Expanding the platform and the business
Crobox’ team of 20 consists of a mix of developers, data scientists and psychologists. The company says it will use the new funding to continue expanding the breadth and capabilities of its platform and expand to other countries. Keadyn is positive about those plans: “The platform of Crobox has shown awesome traction after it was launched last year,” says Martijn Don, managing partner at Keadyn. “More importantly, Crobox has an experienced and great team with the ambition and ability to build the leading player in this space. We are proud to be able to contribute to the further roll-out and international expansion of Crobox.”