Elloe, a first-of-its-kind conversational E-commerce platform powered by artificial intelligence that enables SMEs to buy and sell products online using any messaging platform, has raised a seven-figure US dollar pre-seed round to fund its expansion into the Southeast Asian market.
Elloe, the United States-based startup with a focus on Kenya and other emerging markets, announced the successful completion of a seven-figure pre-seed round of funding.
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Mad Ventures, Inc., a company based in the Philippines, was one of the major investors in this pre-seed round.
What does Elloe do?
Through the use of messaging apps, businesses can sell products to customers in a more personalized manner, bridging the gap between the proximity of the physical world and the convenience of digital commerce.
Small and medium-sized enterprises (SMEs) can benefit from the subscription service if they want to sell their products and services online without having to pay high commissions to non-essential third parties
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Gartner reported that c-commerce is already a $35 billion market with the potential to reach $130 billion by 2025 in emerging markets, where it represents 60% of digital commerce and 8 out of 10 consumers are exposed to online shopping exclusively via c-commerce. Messaging is becoming the primary way consumers and businesses communicate. 75% of consumers want to be able to message a business. But businesses currently lack a digital solution tailored to their business to handle a large volume of conversations and fail to effectively integrate shopping and booking in chat.
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Owen Sakawa, the startup founder explained “At Elloe, we believe that AI-driven conversations between businesses and their consumers can drive customer experiences in areas and platforms where consumers are already engaged,” said Owen. “Our technology is platform-agnostic and can be embedded in any messaging app, making it extremely convenient for businesses to be where their consumers are. Elloe’s conversational commerce platform boosts business sales and profitability by streamlining operations, logistics, payments, and marketing through a centralized merchant portal.”
Furthermore, Aaron Madolara, group CEO of Mad Ventures, Inc affirmed that “In response to the demands of emerging-market businesses and consumers, Mad Ventures continues to make significant progress in providing digital livelihood options to the unemployed and unbanked,” he added “We are thrilled to be collaborating with Elloe to broaden our collective reach and assist businesses, particularly underserved micro-SMEs, in realizing their full potential.”
About Elloe
Elloe is an e-commerce platform that manages AI and human conversation for businesses that sell things on the web. Merchants can buy and sell products online through different social networks with the help of this B2B SaaS platform. It was started by Owen Sakawa, who also worked with Abhijay Rao and Aaron Madolora to help start it, as well.
Elloe is based in San Mateo, California, and its goal is to help businesses better understand their customers by coming up with new ways to do business in the e-commerce world. Its first step is to help the local economy grow by using renewable energy and automating supply chains.
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One of the unique things about the Elloe platform is that retailers can give personalized feedback to their customers about their favorite apps. Also, the platform has a tool for businesses that are powered by artificial intelligence that lets them run their sales while building relationships on other messaging service platforms.
Elloe’s new technology helps these businesses sell more and make more money because it makes their operations, logistics, payments, and marketing easier. There is also a central merchant portal with a subscription service that helps online small businesses make sales without having to deal with a third party that doesn’t need to be part of the process.
Elloe’s mission is to reduce a significant logistical carbon footprint by developing new e-commerce practices, beginning with a focus on growing the local economy, renewable energy, and automated supply chains. The company operates in the United States, Kenya, and Southeast Asia.
What to know about Mad venture Inc
Mad Ventures is a group of companies founded by Thomas Ahn, dedicated to providing digital livelihood as a service to entrepreneurs and micro, small, and medium enterprise businesses in the Philippines and throughout Southeast Asia. And this company is powered by the Mad Underground.