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Ex-Bolt CEO's AI Startup, Spangle, Triples Valuation to $100M

Spangle, the AI-powered e-commerce startup founded by former Bolt CEO Maju Kuruvilla, saw its valuation triple to $100 million after securing $15 million in Series A funding. The investment highlights growing investor confidence in AI-driven solutions for online retail.

The all-equity Series A round was led by NewRoad Capital Partners. Existing investors Madrona, DNX Ventures, Streamlined Ventures, and strategic angel investors also participated. This latest injection of capital brings Spangle's total funding to $21 million, following a $6 million seed round raised over a year prior at a $30 million pre-money valuation.

Spangle's emergence comes at a pivotal time for the retail industry. The way consumers discover and purchase products online is rapidly evolving, with AI tools, social platforms, and sophisticated recommendation engines playing an increasingly influential role in shaping buying decisions. Retailers are seeking solutions to personalize the shopping experience and capture consumer attention amidst this shifting landscape.

Spangle aims to address this challenge by offering software that helps retailers tailor shopping experiences in real-time. The platform leverages AI to generate product recommendations and dynamically adjust website layouts based on individual shopper behavior and preferences. Since launching from stealth mode in March of last year, Spangle has already secured nine enterprise clients, including prominent fashion retailers such as Revolve, Alexander Wang, and Steve Madden, whose combined online sales represent a substantial market opportunity.

With this new funding, Spangle is positioned to further develop its AI-powered personalization platform and expand its reach within the e-commerce sector. The company's focus on real-time adaptation and personalized recommendations suggests a future where online shopping experiences are increasingly tailored to individual consumer needs and preferences, potentially driving increased sales and customer loyalty for retailers who adopt such technologies.

AI-Assisted Journalism

This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.

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