Twiggle
Building the future of eCommerce search and discovery.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
| investor investor | €0.0 | round | |
| investor investor investor investor investor | €0.0 | round | |
| investor | €0.0 | round | |
€13.7m | Series B | ||
| Total Funding | 000k | ||
| USD | 2022 | 2023 |
|---|---|---|
| Revenues | 0000 | 0000 |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Dealroom estimates
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Founded in Tel Aviv in 2013 by two former Google employees, Dr. Amir Konigsberg and Dr. Adi Avidor, Twiggle sought to enhance the e-commerce landscape. The founders leveraged their background, with Dr. Konigsberg holding a PhD in Rationality and Interactive Decision Making and having held leadership roles at Google and General Motors, to address a perceived gap in online retail search capabilities. The company operated by providing a search enhancement API that integrated with a retailer's existing framework, rather than replacing their entire search engine.
Twiggle's core technology utilized natural language processing, artificial intelligence, and machine learning to better interpret a shopper's intent from their search queries. The objective was to move beyond simple keyword matching to a more semantic understanding, akin to the nuanced comprehension of an experienced in-store salesperson. This was designed to improve the relevance of search results, leading to higher click-through rates and sales conversions for their clients. The company's initial focus was on large e-commerce retailers in the fashion, home, and electronics sectors.
The business model was centered on providing this technology as a service to online retailers. Throughout its operation, Twiggle secured significant financial backing, raising a total of $33 million over four funding rounds. Notable investors included Naspers, Alibaba Group, Yahoo! Japan, State of Mind Ventures, MizMaa Ventures, and Korea Investment Partners. Key funding milestones included a $12.5 million Series A round in April 2016 and a $15 million Series B round in May 2017. Despite its promising technology and substantial funding, the company eventually ceased operations, with its status listed as out of business by April 2020.
Keywords: e-commerce search, semantic search, natural language processing, online retail technology, search enhancement API, AI in retail, machine learning, customer intent, conversion rate optimization, online shopping experience, retail tech, Tel Aviv startup, Amir Konigsberg, Adi Avidor, Naspers, Alibaba, search relevance, product discovery, digital commerce, semantic API, out of business