The Ukrainian pricing platform based on artificial intelligence, Competera, has secured investment from u.ventures, which has its main office in Kyiv.
The amount of the deal is not disclosed, but the investment will enable Competera to expand the capabilities of its artificial intelligence, enhance service offerings, and scale operations worldwide, according to Forbes Ukraine.
These funds are also intended to expand the startup's capabilities in supporting retail clients. It is reported that in January, Competera closed an initial round worth $3 million.
Venture director at u.ventures, Bohdan Svyrydov, stated that the fund is the sole investor in this seed+ round. While the amount of the deal is not disclosed, u.ventures typically writes the first check in seed-stage rounds ranging from $300,000 to $500,000.
"In follow-on rounds, we can significantly increase our total investment," Svyrydov said.
The Competera project helps retailers establish and maintain optimal prices in their retail networks. With Competera, clients receive a ready-made tool for managing and adjusting prices at the level of product categories, leading to up to a 9% increase in gross profit.
The founders of the project, Olexander Halkin and Olexander Sazonov, created Competera in 2014 as a tool for monitoring competitive data. Over 7 years, it has evolved into a product suite that includes data monitoring and two comprehensive pricing solutions based on rules and purchasing demand.
In 2021, the startup received $1.5 million in late-seed stage investment from Flyer One Ventures.
