Experiential reviews platform secures $4 million seed capital

Experify, the first platform to enable authentic product review experience by connecting prospective buyers with purchasers, closed a $4M seed round led by Vertex Ventures US, with the participation of Sonae Investment Management and the Berkeley SkyDeck Fund.

The rise of disingenuous influencers, hidden advertisements, and unverified purchasers has significantly undermined online reviews’ credibility. The $152B industry of fake reviews has caused people to need at least 10 reviews on average before they trust them, and 68% of people regularly question the authenticity of reviews. As a result, brands struggle to build trust with new and prospective customers, damaging their customer experience and ultimately losing sales.

Zurich-based Experify solved this problem by reinventing the buying experience with a platform that connects prospective buyers to actual purchasers in their community, enabling them to speak with the owner or even test out the product. This way, buyers can feel confident in making a purchasing decision.

Nearly any product or service can benefit from introducing Experify to their customer experience, particularly companies that sell high-consideration or high-cost goods such as indoor/outdoor furnishings, HiFi audio equipment or electric vehicles. Since Experify’s inception in 2020, the company has consistently shown significant increases in lead conversion rates for participating brands. So far, 15 brands are listed on the platform, and more than 3000 interactions have taken place among users, reaching $4.5M shoppers every month. “Since embedding Experify into our customer experience, we have seen ROIs of 15x and more”, said Andi Solinski, Content Manager at RADON Bikes, one of Experify’s customers.

The fresh capital from Vertex Ventures US, Sonae Investment Management and the Berkeley SkyDeck Fund will enable Experify and its team of 11 to scale and meet the growing customer demand by increasing headcount, specifically on the sales and product engineering teams. In addition to expanding its customer base, the startup will further develop the platform, aiming to expand its network of bands that use Experify. Expanding to the US is also part of the company's next plan.

(Press release/RAN)