This offer is open exclusively to wholesale, sophisticated and accredited investors.
Okkular Pty Limited have already raised 50% of the $1.5m raise.
All investments will be held through the Equitise Nominee. The Equitise Nominee is a Bare Trust structure that holds securities on behalf of the investor. The Nominee is in place to handle administrative responsibilities on behalf of the company and to limit total shareholder numbers. Investors are entitled to the same rights as they would directly on the share register. More information can be found in the Investment Agreement, accessible at the final stage of investing.
The minimum investment for this offer is $10k. The company has already raised over $700k in this round through SAFE notes. Equitise has a limited allocation of $300k. To date, Okkular has raised from Artesian Venture Capital, Sydney Angels, Brisbane Angels and others.
- Security Type: SAFE note, 25% Discount to Qualifying Round, or $12m Valuation Cap
- Minimum Investment: $10k
Okkular is a Melbourne-based A.I. technology company focused on automation for the e-commerce sector. The company operates a SaaS business and revenue model, and has secured major clients including Myer, Princess Polly, Kookai, Blue Bungalow etc.
Okkular is building the world's most accurate visual AI technology to help fashion retailers create a seamless and unique online shopping experience, and to enable them to sell more by creating an intuitive product discovery path.
- Product-Market Fit with High Conversion on Prospects
Over 60% of prospects that participated in a trial of Okkular have already converted to paid customers. This includes names like Kookai, Myer, Princess Polly, Blue Bungalow, Ballantynes and a strong pipeline of prospects currently engaged, the team is looking to rapidly scale revenue in the coming months.
- Strong Network of Partnerships
The team has already built strong go-to-market partnerships with Amazon Web Services (AWS), SAP, SearchSpring and Comestri. In only a short time the relationship with AWS has led to the acquisition of paid customers, with several more in the pipeline. Okkular has also recently launched on the Shopify app store allowing them frictionless access to over 400k prospects within their target market.
- Significant Cost and Efficiency Savings for Retailers
Key to the early customer acquisition for Okkular has been its ability to quantify the time, cost savings and increased engagement that the product has delivered to retailers. In addition, its improvement of customer experience and product discovery for shoppers has the potential to increase conversion and sales for retailers.
- Large Addressable Market
The shift to online commerce has rapidly accelerated over the recent years. Fashion is a $3 trillion market with over 1m fashion retailers on major e-commerce platforms such as Shopify, BigCommerce and WooCommerce. By integrating with these platforms, Okkular has the ability to provide its market leading technology in a frictionless manner to prospects. This is a key part of the company’s go-to-market strategy.
- Experienced Leadership Team
The Okkular team has experts across product development, technology, finance and business development. For instance the Data Scientist is a Phd in computer science from University of California and worked with Target US tech team, the CTO was an ex-group product lead at Oracle in the US, the CEO is an ex-Deloitte principal, the Head of Sales has significant sales experience and the US Head of Operations was a BCG Managing Partner & ex-Chief Strategy Officer at Boral.
One of the key pain points for retailers in e-commerce is that the underlying product meta data for their product catalogue is inconsistent and limited. The pain point can lead to many issues including incorrect search results for example: when a shopper searches for ‘formal blue dress’, the search result displays ‘formal shirts ’ not meeting shoppers search criteria, sub optimal product category filters on the website, compromised SEO, impacting merchandising automation and finally frustrated shoppers leading to poor conversions. This is a global retail problem as we have tested it with retailers in the US, EU, AUS and NZ.
Based on Power Retail’s recent report, 87% of Shoppers note ‘easy search & navigation’ to be the most important aspect in their purchase journey.
Product meta data is the foundation on which e-commerce businesses are built. However, due to the fast-moving nature of the business, majority of retailers generate this information manually, which is extremely time consuming, manual and prone to errors. On average, an e-commerce co-ordinator can spend up to 5 minutes per product to manually generate the information. Some retailers/brands/marketplaces can’t afford to spend that time, as they have large volumes of existing and new product inventory i.e 1000’s of products per month. It’s also important to note that if the e-commerce coordinator who performs this task leaves, it leads to the IP walking out the door.
"...It takes minutes to do what a person would take days.... i would go as far to say not using okkular would be a competitive disadvantage"
Okkular has built a cutting edge AI product that integrates into the ERP system of the retailer and automatically generates high quality product data / information / descriptions in less than 1 second directly from the product image. It automates the entire product information generation process which can then be used to power search, create filters, enhance SEO etc.
Put another way, if Data is the new ‘OIL’ then Okkular is the technology that is extracting & generating this ‘OIL’ or Data to power E-commerce. Our vision is to leverage cutting edge AI to build a suite of features/products that help retailers automate their key processes, relating to Product Information Enrichment & Personalisation [refer below for our suite].
Automate generation of Tags, Attributes, product copy/descriptions to power search, filtering etc. The benefit is that a process that previously took 5 minutes to perform manually, now takes less than 1 second with an obvious cost saving. More importantly, some customers have reported a lift of more than 15% to 30% in conversion rates.
Find visually similar-looking products from within the retailer’s inventory. Saves user time and increases engagement.
Find complementary products.
Automate generation of catalogue images using cutting-edge AI with on-human imagery (Partnered with IIT Delhi to productise this amazing prototype).
Okkular’s go to market strategy is to continue working with the following key partners:
- Shopify: An opportunity to target over 400k retailers within their target market globally. This is a significant opportunity to get scale;
- Amazon Web Services: A leader in the technology / cloud space and has already been supporting Okkular and has introduced them to enterprise retailers;
- SAP: Okkular is part of the SAP.io, a coveted program designed by SAP to work with innovative companies;
- Searchspring: An onsite search & merchandising company with over 3000 brands globally; and
- Comestri: A product information management [PIM] company that works with enterprise fashion businesses in Australia & NZ.