Retailers Streamline the Purchase of Complex Products -- Accelerating Sales, Increasing Customer Loyalty and Decreasing Costs
SPRINGFIELD, Mo., Feb. 08, 2021 (GLOBE NEWSWIRE) -- Compatio, the Intelligent Commerce platform that accelerates purchases online, today announced it has completed a $1.5 million Seed Round of financing. With participation from both existing and new investors, a $250,000 investment from the Missouri Technology Corporation (MTC) was the catalyst to attract the final investment to close the round. The round was led by Kurt Hellweg, former CEO of American Dehydrated Foods.
Compatio participated in the Springfield-based efactory 2019 accelerator, which was instrumental in helping build Compatio’s investor network. This investment adds to Compatio’s $900,000 Pre-Seed Round, bringing total funding since launching the development of its revolutionary knowledge-based commerce platform to $2.4 million. The funds will help the company aggressively expand its sales and marketing efforts, as well as broaden and accelerate product development.
“ECommerce was growing at a rapid pace and the COVID-19 pandemic accelerated that growth. However, many retailers selling products that include multiple components have failed to create an effective online user experience, limiting their ability to take advantage of eCommerce opportunities,” said Kurt Hellweg, lead investor. “We are excited about Compatio’s solution as it recreates a personal user experience in an eCommerce environment.”
Compatio's intelligent Product Graph® technology encodes expert product knowledge into digital commerce channels so eCommerce sites can function like experienced sales agents, guiding buyers to exactly the right products that fit their needs precisely. This increases retailer revenues through highly-accurate cross-selling, decreases costs due to returns and improves customer satisfaction. Buyers, whether consumers or corporate, enjoy a faster, more seamless, and more confident purchasing experience when buying complex products.
“In today’s multi-channel retail marketplace, retailers of all sizes must move quickly to create a personalized eCommerce experience. Consumers and corporate buyers will continue to rethink the retailers they work with and those that focus on selling a holistic solution versus a series of products will win out,” said Tim Baynes, CEO and Founder of Compatio. “Retailers can not only increase sales and improve customer loyalty, they can increase margins. Our retailers are seeing several hundred percent ROI within just weeks of implementing our system.”
About Missouri Technology Corporation
Missouri Technology Corporation is a public-private partnership created by the Missouri General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech companies. Its mission is to provide leadership and make strategic investments that help entrepreneurs create and grow technology-based Missouri businesses. MTC mainly focuses on bioscience industries that build on the state’s agricultural history.
About efactory
The efactory is a business incubator, training center, support network and more. The efactory opened its doors in March 2013 with one goal in mind: to serve as a one-stop shop for small business owners and entrepreneurs throughout southwest Missouri. Today, its services cover all the bases - everything from office space for growing companies to custom trainings for established businesses. The efactory is proud to be part of the IDEA Commons district, Missouri State University’s vision for an urban innovation park. To learn more, visit here.
About Compatio
Based in Springfield, Missouri, Compatio is building the world’s first Knowledge-Based Commerce platform, and the only digital commerce platform engineered specifically to sell complete solutions and not just products. Tim Baynes, Compatio’s Founder and CEO, is globally recognized for his expertise in product configuration, a.k.a. CPQ or configure-price-quote systems. He has designed, implemented and led project teams for these systems at Fortune 100 companies worldwide. For more information, visit https://www.compat.io/.
Media Contact:
Tim Johnson or Victoria Guimarin
UPRAISE Marketing + PR for Compatio
compatio@upraisepr.com
Victoria: 510.331.9548
Tim: 415.385.9537