Data analytics platform Blyp raised $4 million in seed funding, and plans to use the new round of capital to scale its US operations and add new functionality to its platform, the company announced. With offices in Tel Aviv and New York City, Blyp’s AI-powered platform provides SMB’s with insightful analytics across a company’s multiple data sources and provides actionable recommendations delivered as a SaaS product.
The round was led by World Trade Ventures, Silvertech Ventures, and several angel investors including Eyal Waldman, Dovi Frances, Rafi Gidron, and Boaz Schwartz.
Blyp’s service enables online sellers to maximize data insights to increase sales, engagement, and performance, an increasingly important piece to every small business. Global e-commerce sales totaled $4.3 trillion in 2020, and revenues are projected to grow to $5.4 trillion in 2022. Meanwhile, merchants are flocking to platforms like Shopify, which today is used by 1.7 million stores.
Blyp crunches all of a company’s data and sends clients’ automated reports or “blyps” with recommendations to increase conversion rates and improve overall performance. It also alerts them to problems like “technical errors at checkout.”
On average, merchants using Blyp save 20 hours per month on data analysis, and some have seen 30% increases in conversation rates after acting on Bylp’s recommendations, the company noted.
“E-commerce merchants are passionate about the products they sell, yet they lack the data expertise needed to compete and grow,” said Matan Elmalam Co-Founder & CEO of Blyp said in the statement. “We are helping e-commerce companies fill that void by providing a digital full-time Data Analyst, delivering detailed reports and roadmaps to drive revenues. We are excited to continue building our platform geared to the SMB e-commerce community.”
Blyp sends clients three types of customized, easy to understand reports – informative, transformative and protective. Segmented to quickly digest and take action, each report is focused on different ways to improve and repair issues in the sales process. Over the next six months, Blyp will be rolling out new integrations that incorporate more data sources, including Facebook, Klaviyo and Google Ads.
“Blyp took a complex e-commerce problem and solved it using small blyps,” said Charlie Federman, General Partner, Silvertech Ventures. “Companies are drowning in data from too many dashboards and are desperate for actionable information and guidance. Blyp is giving e-commerce SMBs access to the critical intelligence that was only available to billion-dollar businesses with IT staffs. Matan and the Blyp team are on a mission to help everyday e-commerce players succeed. It’s a huge opportunity and we are thrilled to be part of their mission.”
Available in the Shopify app store, Blyp takes minutes to set up and its client onboarding process quickly integrates into Shopify merchants’ online stores.