edrone, a Krakow-based marketing technology company, announced that it has raised an undisclosed amount of funds in the second part of the Series A round of funding, doubling its valuation within twelve months.
Atmos Ventures and Müller Medien have joined the existing investors like PortfoLion in the Series A extension round. The latest funding announcement comes eighteen months after raising $5.3M ($2.5M in Series A round and $2.8M as a grant) in October 2020.
Fund utilisation
The Polish company plans to use the funds to launch new technologies like the voice-driven commerce product in response to new customer shopping behaviour and to scale its position in several local markets.
Sami Moughrabie, Managing Partner of Atmos, will support edrone with advice on tech implementation and business strategy.
Michal Blak, Chief Executive Officer of edrone, says, “Over the last eighteen months, we have doubled our international customer base in local markets such as CEE and Brazil. We want to use this momentum and leverage those markets by investing further. We will continue to develop voice-driven tools. We are pioneering a conversational shopping interface while our AI experts are developing a cutting-edge voice-based search engine. edrone is revolutionizing e-commerce as we know it by enabling natural-voice interaction with e-shops.”
edrone: What you need to know
Founded in 2016 by Michal Blak and Rahim Blak, edrone is a ‘Plug’n’Play’ marketing automation platform designed for online stores.
The platform analyses customers’ behaviour, processes data, and then follows up with customers by sending them personalised, automatic messages using Artificial Intelligence (AI) scripts.
The company’s customers include major European online stores as well as developing eStores. Among the Edrone customers are x-Kom, Eastend, CitySport, Agent Provocateur, Tous, Wojas, Muve, and over 500 other stores.
According to edrone, it has achieved $4.4M (approximately €4.2M) ARR (Annual Recurring Revenue) and improved the growth rate by over 100 per cent. Over the past five years, edrone has experienced strong growth, mainly in the CEE and LATAM markets.
Headquartered in Krakow, Poland, edrone has offices in São Paulo and Barcelona.
Investor
Mueller Medien is a family-owned group of companies divided into five divisions: Directories, Broadcast, Print Media, Book, and New Business. The New Business division is focused on online marketing solutions, SaaS products, and marketplaces for local SMEs.
The company is a major shareholder in various companies, including pepper media NV, solute GmbH, and is an investor in Booksy, Bookingkit, and Infermedica.
Michael Amtmann, Chief Investment Officer of Mueller Medien, says: “Nowadays, the e-commerce channel has become a must-have for SMEs. By funding edrone, the investment arm of Mueller Medien affirms that SMEs are now in need of better software to drive more sales and optimise their profitability.”
Based out of California, Atmos Venture Capital backs innovative teams that solve complex scientific problems.
