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Twiggle Raises $12.5 Million Series A Funding Round led by Naspers to Challenge Amazon In Digital Commerce Search

by Elena Duovski
Apr 07 2016
In Ventures

Twiggle Raises $12.5 Million Series A Funding Round led by Naspers to Challenge Amazon In Digital Commerce Search

Twiggle Raises Funds to Drive Next Generation of Search for Digital Commerce and to Compete with Amazon’s A9 Search Engine

Tel Aviv, Israel (7 April, 2016) Twiggle, the digital commerce search engine, announced today the closing of a $12.5 Million series A funding led by Naspers (JSE:NPN), the global internet and entertainment group, with participation from new and existing investors including Yahoo Japan, State of Mind Ventures and Sir Ronald Cohen. The funding will be utilized to drive the company’s aggressive global expansion plans.

Twiggle uses advanced techniques in data science, artificial intelligence, machine learning and natural language processing to power the next generation of digital commerce. The company was founded in December of 2013 by Dr. Amir Kongsberg, previously one of the members of Google’s operations in the emerging markets and former Managing Director of MySupermarket.com, and Dr. Avi Avidor, a former Engineering Tech Lead at Google. The two have authored more than 35 U.S. patents and bring a wealth of experience in digital innovation in the fields of search, AI, and e-commerce.

“Search is an incredibly complicated medium and this complexity has led to a situation of incremental growth and sub-standard optimization. Twiggle is infusing search with an entirely new approach that will allow digital commerce giants to redefine the shopper’s experience, increasing revenues and enabling digital commerce to reach its full potential,” said Dr. Amir Konigsberg, CEO and co-founder of Twiggle. “We are especially thrilled to have Naspers join us on this journey. They have extensive experience in building some of the world’s most powerful global digital commerce brands and their network enables Twiggle to access the prominent players in the industry from the very beginning.”

Naspers operations and investments span more than 130 countries and markets with long-term growth potential. The company’s investments consist of a number of world-renowned digital commerce entities including Allegro, Avito, Flipkart, Mail.ru, Movile, OLX, PayU and Tencent. Naspers has consistently utilized this network to drive growth for the companies it invests in.

“Naspers has always believed in working closely with the companies we invest in to help them maximize their potential. We deliver unmatched expertise in high-growth markets around the world and provide unparalleled support to help founders solve the big challenges they face – whether that’s providing strong business strategy expertise, operating experience or access to on-the-ground resources in key expansion markets,” said Larry Illg, CEO, Naspers Ventures. “Twiggle is setting a new industry standard for ecommerce search and discovery, redefining the sector with a search platform that will bring unparalleled precision and accuracy. This investment is yet another example of our commitment to utilizing our broad network to help identify and support the most exciting digital startups.”

About Twiggle:
Founded in 2013 by former leaders at Google and supported by some of the most respected entrepreneurs and investors of the past decade, Twiggle is building the next generation of Search and data driven technologies for digital commerce enterprises. Combining the most advanced techniques across Machine Learning, Artificial Intelligence, and Natural Language Processing with a deep understanding of e-commerce, Twiggle provides enterprises with search capabilities of unparalleled quality and flexibility. Twiggle’s technologies are powering the next generation of user experience for leading global enterprises and are leading to increases in key operational metrics such as conversion rates and sales.

About Naspers:

Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 130 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world’s leading platforms in internet, video entertainment, and media. Naspers companies connect people to each other and the wider world, help people live their daily lives, and entertain audiences with the best of local and global content. Every day, hundreds of millions of people use the products and services of companies that Naspers has invested in, acquired and built, including Allegro, Avito, eMAG, Flipkart, letgo, Mail.Ru (LSE: MAIL), Movile, MultiChoice, OLX, PayU, ShowMax, SimilarWeb, and Tencent (SEHK 0700). Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and the London Stock Exchange (LSE: NPSN).

For more information, please visit www.naspers.com.


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