Karma, a browser-based AI shopping assistant and shopping network, has closed a $25 million Series A funding led by Target Global followed by MoreTech Ventures, with participation from existing investors including NFX and Altair Capital, the company announced this week. Karma will use the funding to grow its team, double down on AI, machine learning and predictive analytics, scale its userbase, and expand into adjacent market opportunities.
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Karma's smart digital shopping assistant has delivered savings of more than $144 million to three million users in 2021. Karma also helps boost sales, deliver new customers and lower shopping cart abandonment for more than 20,000 retail partners on its unified shopping network, including Sephora, Overstock, Net-A-Porter, Urban Outfitters, Farfetch, and Macy's.
"This funding round will help us continue to enhance our core AI shopping assistant using machine learning to deliver smarter capabilities to our users and extend our "best price guarantee" on many more e-commerce sites," said Karma co-founder and CEO Jonathan Friedman. "Behind the scenes, we are building the most extensive digital shopping network in the world. This will allow us to capitalize on opportunities in markets adjacent to the online shopping experience."
