CommBank today announced that it has invested A $ 30 million in online shopping start-up Little Birdie, raising its pre-launch valuation to A $ 30 million.
Little Birdie says this is “potentially one of the biggest pre-launch funding rounds in Australia.”
Little Birdie uses AI to bring together an online shopping homepage, with over 70 million products to choose from, updating price drops, sale offers and events in real time. In partnership with CBA, Little Birdie’s shopping content is expected to be integrated over time into the Commbank app, in line with the company’s strategy to connect customers with great deals.
According to Jon Beros, co-founder and CEO of Little Birdie, “Part of our growth strategy is to integrate big brands into Little Birdie’s shopping content to drive greater engagement and a smooth customer experience. “
Little Birdie says they will use the raised capital to accelerate their growth and international expansion as well as to make improvements to their platform.
“Retailers and brands are looking for new and better ways to connect and engage with shoppers. Consumers are bombarded daily with messages and options, making online shopping an overwhelming experience for many, leading to shopping cart abandonment and customer churn, ”says Beros.
“Little Birdie solves this problem with its pioneering retail model that gives shoppers a smarter, more convenient way to shop. Retailers are also benefiting from a new customer acquisition channel that delivers highly qualified customers. We believe Little Birdie will become a daily habit for discerning buyers. “
According to Angus Sullivan, director of the Commonwealth Bank group, “This partnership marks a change in the e-commerce landscape in Australia, seamlessly combining banking and shopping and bringing the experience together. “
The integration of Little Birdie’s platform with the CommBank app will provide startup access to 11 million Australian retail customers of CBA.
“Customers value the relationship between their banking and spending, and increasingly look to their bank to help them manage their money and save for their goals,” says Sullivan.
“We believe customers should have access to the world’s best digital experience and our partnership with Little Birdie will give them access to industry-leading exclusive offers through the CommBank app.”