Elevera Advisers is pleased to have acted as exclusive financial advisor to Re:nable on $1.5M angel investment pre-Series A round with the participation of existing investors.
Since launching in 2018, Re:nable has emerged as one of the most innovative AI (Artificial Intelligence) software technology companies offering Cooperative Marketing and Advertising Automation technology solutions for major consumer brands, such as LG, Logitech, Samsung, Philips, and the brands’ retail partners.
Re:nable’s software is integrated into the retailer’s eCommerce systems to collect information regarding which products are viewed and purchased by consumers, also referred to as “First-Party Data.”
The AI engine analyses consumers’ purchasing behaviors and automatically generates a variety of compelling ads promoting participating brands, with high-quality product videos and curated reviews from experts and consumers.
The result is a transformative offsite Retail Media service – offering an order-of-magnitude improvement in relevance and engagement – compared to consumer brands’ marketing alternatives.
In pure numbers, Re:nable’s solution has already improved the average Return of Advertising Spend (ROAS) to the tune of 12X and generated best-in-class Click-Through-Rates (CTR) of 2.3%.
In cooperation with their retail partners, brands can now deliver highly engaging social media advertising campaigns that demonstrate a 20X increased relevance to the consumer compared to the current simple remarketing solutions. Re:nable software detects and avoids sending consumers irrelevant ads for out-of-stock items or goods already purchased.
The need for Re:nable’s technology has increased significantly because of Apple’s changes in its Safari browser, where cookies are deleted after 24 hours (also known as the ITP – Intelligent Tracking Prevention). Re:nable responded quickly to this significant change in the advertising landscape by launching “Re:cookies” – a patent-pending software product that reinstates browser cookies in compliance with GPDR regulations.
Re:nable’s core innovation lies in developing AI solutions like natural language processing, image processing, and autonomous system enablers for advertising and marketing. The result is a suite of Re:nable embedded applications powered by AI for various functions such as content selection and generation, data analytics, image processing, and other automations for effective advertising and marketing.
Leif Sundström, Co-founder & CEO of Re:nable said, “We are delighted to welcome our new private angel investors, together with the continued support from existing investors. We are at an inflection point where legacy retail marketing needs to be upgraded to dynamic and rich local content that engages and builds consumers’ trust on a whole new level. Elevera Advisers supported our fundraising process from strategic market positioning to preparation and execution of the fundraise. We look forward to working with Elevera as we expand our business and prepare for a Series A round in 2023.”
Elevera Advisers’ CEO & Founder, Thorgeir Einarsson, leading the process, concludes: “We are excited to be the exclusive adviser to Re:nable. The team has done a fantastic job securing a list of flagship clients at an early stage of releasing its solution stack. We are confident that this funding round will accelerate sales growth and the product’s continued development. We see a clear shift in the global digital advertising business from a wild-west style of pushing affiliated and general ads to a broad audience to a much more relevant and timely production of beautiful and entertaining ads across all media channels. Re:nable is poised to take advantage of this new paradigm and help global brands and their retail partners significantly improve their return on advertising spent (ROAS). We are looking forward to continuing to support Re:nable reaching their next level of growth to support a Series A funding.”