AI- based Sales Platform Startup Statflo banks in a $12 Million Series A Round

By StartUp City | Friday, November 30, 2018

Statflo, a leading Canadian sales platform was able to raise a $12M dollar in Series A round funding.

The investment led by Elsewhere Partners also includes investors like Round13 Capital and Globalive Capital joined, as well as a few new investment players Generation Ventures and automotive Mastermind co-founders Johannes Gnauck and Marco Schnabl.

“This investment demonstrates the market demand for Statflo’s data-driven technology for wireless retail,” said Kevin Gervais, CEO of Statflo. “Retail workers are looking for ways to drive more traffic and transactions. Personalized interactions are the key to driving sales, and our platform gives those retailers the technology to make things personal.”

Gervais added that the newly gained funding capital will go towards new developments for the platform as well as covering for the future needs.

Statflo enables retailers to augment their human workers and turn their idle time into time they can use to build 1:1 real relationships with past customers. With its highly interactive AI-based tool, Statflo focuses on helping wireless and tech retail stores in order to drive more traffic to their direct and indirect channels through a one-to-one outreach tool.
When stores bring in Statflo, they witness a double-digit increase in sales only in the first 60 days, claims the company based on its clients’ experience. The company is already operating with several national retailers as well as Tier 1 telecom carriers and has added 51 customers over the past year.

Statflo empowers the In-store associates to start personalized conversations with customers when traffic is slow. The motive behind this is that such localized conversations help drive retention leading to returning customers and a well-organized understanding of the sales process.

The Toronto-based company recently graduated from Salesforce’s Accelerate 3-month program where the company trained well to align with Salesforce and gain access to Salesforce’s AppExchange.

“Statflo has found a new, engaged interaction layer between a wireless retail store and its customers much the way automotiveMastermind did in the retail automotive space,” said Sam Kentor of Elsewhere Partners, referring to the personalized automotive company whose founders invested in this Series A round.

“In doing so, it is helping modernize brick and mortar stores in the wireless retail market by enabling a more intimate and profound human experience to help them establish an ongoing relationship and a more engaged customer base.”

Kentor, as well as Generation Ventures’ Laura Lenz, will also be joining the Statflo’s board of directors.

This newest round of funding builds off a $2.4 million seed round the company raised in 2016. 

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