Startup of the Day: Outfindo, Czech e-commerce company

Outfindo was founded by Jan MatejuMartin Chrz, and Ondrej Bouda, as a SaaS solution for e-commerce. In 2020, Outfindo started with bikes / e-bikes and is now launching a new product vertical, in cooperation with major e-commerce platforms: washing machines. The startup claims that its platform is helpful when picking complex machines or products from categories where customers may not be an expert. In August 2023, the startup received €900,000 round for expansion into new markets.

In the Startup of the Day column, the founding team of Outfindo shares more details about the startup’s idea, its product, and future plans.

The Startup of the Day column on AIN.Capital is dedicated to tech projects from all sectors that originated from the CEE countries. If you would like to introduce your project, please fill in the questionnaire.

Tell us about your startup. How does it work?

Outfindo brings “Guided Selling” approach the ultimate experience in matching customers with the right products by asking them questions they can easily answer. This is applicable to any complex product segment. Outfindo started with bikes/e-bikes and is now launching a new product vertical, in cooperation with major e-commerce platforms: washing machines. More product segments to be announced soon.

We assist the customers in product selection through conversation, significantly reducing the number of products that meet their needs, based on several informed decisions. Integration into the partner’s website requires no more than a few hours of work, and subsequently leads to automatic software and design updates.

How did you come up with the startup’s idea? What was the reason/motivation behind it?

Jan Mateju claims that his main inspirations were friends & family when asking for help choosing the right bike:

“I knew how to help them when choosing a bike, but when choosing any other complex product for myself, I felt lost. That was the impulse when it hit me – how e-commerce has become so product-centric and has completely lost the ‘store expert’ approach we are all familiar with from the local corner shop,”

How long did it take to reach the prototype or MVP? What did you encounter?

We embarked on our journey by launching our own B2C platform, allowing us to rigorously test and refine the concept of guided selling. This approach ensured unbiased development, extensive user testing, and invaluable insights. After witnessing the remarkable results on our platform, we swiftly developed the first SaaS MVP in just a matter of months. Thanks to the current tech stack, we are able to make other guides for other verticals in a few weeks.

When exactly did you launch your product? Or when the launch is planned?

We started in 2020 with bikes & e-bikes, and to deliver a unique guided selling experience, we decided to build it on our own platform. We did not want to be influenced by any brand or big player in order to deliver a really unbiased solution where the customer is in the center, not the product.

Once we had enough data to know how we compare with “ordinary” e-shops and we were sure about the impact of our solution, we started with the SaaS go-to-market strategy (2023).

Tell us about the startup’s business model. How do you monetize your product?

Monthly fee for SaaS solution we offer is set up on the value we deliver to the partner. Value based pricing makes is affordable for small businesses and enterprise as well.

What are your target markets and consumers?

Our goal is to venture into the market across Europe and North America. This includes not only the Product Guide for bikes/ebikes but for all complex products.

If the startup has already launched the product, what are the results: metrics, income, or any clear indicators that can be evaluated.

Outfindo’s product increases customer engagement on the partner’s website – 40% of visitors interact with the guide, increases partner website conversion (up to 3x) – and significantly reduces returns (in some cases by 70%).

What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.

Currently, Outfindo’s team consists of around 25 people. This allows to maintain close connections across the company. Everyone knows each other, we’re aware of one another and what each person is working on. However, for expansion and growth, we certainly need additional helping hands.

We’re currently seeking a Senior Sales Manager, Data Analyst, and several other roles. So, if this catches your interest, be sure to check out our LinkedIn page.

Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.

Our previous €1.1 million investment was led by JARO Capital, joined by several business angels. Recently, we raised €900,000 seed round for expansion into new markets and launching new verticals. The investment was led by Presto Ventures, with participation from Patero and Longevity Fellows.

What’s next? Tell us about your future plans.

Our mission is the same from the very beginning: to help people choose the right product seamlessly and effortlessly, even when buying online,”

Besides expansion, it’s primarily about adding more verticals. Currently, apart from bikes, we offer the Product Guide for washing machines. Next in line are phones and major household appliances, and for outdoor enthusiasts, equipment like skis.