On Industrifonden’s investment in Occtoo, radically transforming the way customer experiences are created
It was recently announced that Occtoo raised 2 million euros from Industrifonden and 42CAP to accelerate international growth. Occtoo is already trusted by large international clients such as Cartier and Fenix Outdoor and has experienced over 500 percent revenue growth in the last year.
At Industrifonden, we have since long invested in digital disruption and radical change. Supporting Occtoo’s journey in transforming the market will bring a new chapter to this story.
The covid-19 pandemic has significantly impacted the pace of digital transformation. It has become a matter of survival and therefore a strategic imperative for companies to be agile and quick to adapt to unforeseen changes. Unfortunately, new digital initiatives can still take months and even years to develop and bring to market.
Looking back, long before the pandemic, many customers started reallocating their spending to online. The pandemic helped to accelerate the speed of this transformation and only in the past year e-commerce adoption has increased exponentially. As companies, now more than ever, are pressured to meet increased demands, technology are in many cases holding them back.
We also see a strong demand for more relevant customer experiences. Customers are expecting tailor-made content and to quickly find exactly what they are looking for. Today many companies struggle, when trying to innovate and launch new applications, in order to meet new customer expectations.
The data infrastructure today is fragmented and data is often locked into silos or in legacy systems, making it hard to access. This often explains why companies are not fully able to use that data to create relevant customer applications and experiences.
Designed to solve many of these challenges and pain points, Occtoo’s platform helps companies make data-powered applications and experiences by using real time data from external and internal systems and sources. In Occtoo’s low code platform data is extracted from silos and combined. APIs can then easily be created (as easy as creating a slack channel), without dependency on IT departments. The APIs can be used to create headless personalization. The platform enables companies to quickly adapt to new circumstances and try new ways of reaching their customers.
In other words, Occtoo is transforming the way applications and customer experiences are created. Occtoo’s superpower is the ability to onboard vast amount of legacy data and make it available lightning fast all over the world through any screen or frontend. This is possible through their unique cloud native server-less SaaS-based architecture and unique visualization UI. This also brings about a democratization effect on managing and handling data sources that are needed to create relevance in digital touch points and stores.
This is a very strong positions to have as companies move from collecting data to increasing their usage of that data. Occtoo will work as a layer on top of old systems and silos, therefore enabling value creation from data in infinite ways and ultimately speeding up the pace in which companies innovate.
With this round of funding, Occtoo will accelerate its international mission to transform how customer experiences are created. The fact that we know the founders from investing in their previous company Inriver made our investment decision in Occtoo all the easier. We are extremely impressed with the team’s grit, technical skills and deep customer understanding. We couldn’t be more excited and honored to partner with Niclas, Jimmy, Daniel and the whole Occtoo team on the next stage of the company’s journey!
/by Rebecka Löthman Rydå