Karma

Karma is an artificial intelligence shopping tool that provides an automated smart shopping process on users' laptops or smartphones to save them time and money. Karma includes dynamic real-time product data and alerts users to the lowest affordable price. It also automatically integrates and applies current discount offers, coupons, and cash back from its retail partners.

Based in Tel Aviv, Karma was founded by Jonathan Freidman and Ronen Yuval-Hoch as a simple bookmarking tool to help consumers save and track goods. Since then, Karma has launched extensions for browsers, as well as applications for iOS and Android. By October 2021, the company employs about 60 people in Israel, Belarus and the United States, and it includes more than 30,000 retail partners such as Apple, Nordstrom, Farefetch, Target and Nike.

History

2021: Raising $25 million

On October 14, 2021, startup Karma announced it would raise $25 million as part of a Series A funding round led by Target Global and MoreTech Ventures. NFX and Altair Capital funds also participated in the transaction.

Karma began with a very simple need: just know when something will go on sale in your size and color in real time, "said Karma CEO and co-founder Jonathan Freidman.

Funds of Russian investors Target Global and Altair Capital invested in Israeli developer AI assistant for shopping on the Internet Karma

At the time of attracting investment, the application performs three main functions. First, the service allows users to create shopping lists in which they can save the product for later use in one universal shopping cart. In the background, Karma will automatically notify the user that the price has changed or the item appears in the warehouse. Secondly, the service automatically searches the Internet for coupons at checkout, which is similar to the principle of the Honey PayPal service. Friedman also noted that Karma's third core feature allows users to automatically receive cashback on hundreds of retailers. Karma shows all relevant cashback offers to which users are entitled at checkout.

The company will use funding to grow its team, double AI volumes, machine learning and predictive analytics, expand its user base and expand opportunities in related markets.^[1]

Notes