Read more: Found hereToronto-based Reactiv , which provides an artificial intelligence (AI)-powered mobile commerce platform, has exited stealth with the announcement of a $5 million USD ($6.97 million CAD) seed round.
The round was led by Bonfire Ventures with backing from other American VC firms, including Foxe Capital, Anthemis Group, Daher Capital, and Alumni Ventures, co-founder and CEO Ross Correia revealed in a LinkedIn post. The new fundraise follows a previously unannounced $625,000 USD ($871,000 CAD) pre-seed round from undisclosed angel and institutional investors.
The pre-seed round closed in February and the seed round closed in July, with some undisclosed angel investors participating in both rounds, Correia told BetaKit in an email statement. Following the most recent round, Bonfire Ventures Principal Jennifer Richard will join Reactiv's board.
Reactiv offers ecommerce merchants a no-code mobile app builder with AI-powered customization elements, such as generating a mobile app from an existing website, as well as customer engagement and sale conversion features. Some of Reactiv's customers currently include Campmor, Missouri Star Quilt Company, Top of the Mornin' Coffee, and Canadian online perfume retailer FragranceBuy. Reactiv is available in the Shopify app store, and is priced at $499 per month with a premium $4,999 per month package that provides access to developer kits.
"Brands need only to update their website for new content for changes to be dynamically reflected on the mobile app," Foxe Capital general partner Ruth Foxe Blader said in a blog post . "This value prop alone – that brands no longer need to have two sets of content updated on their website vs mobile app – is a huge time and cost saver for merchants."
Since August 2023, the company has added 18 employees to its payroll and claims its waitlist reflects $1 million USD in annual recurring revenue, having generated $100,000 from it already. Correia told BetaKit the startup has another 10 "pencilled-in" hires.
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