Former Bolt CEO Launches Exciting New E-Commerce Startup: What You Need to Know!
Maju Kuruvilla, the former CEO of the one-click checkout startup Bolt, is making waves in the e-commerce landscape once again. This time, he is launching his own innovative startup, Spangle AI, designed to tackle the common frustrations faced by online shoppers, particularly the cumbersome “check-in” process that occurs after clicking on advertisements.
Addressing Shopping Frustrations with AI
Many online shoppers experience a disjointed journey after clicking on an ad for a product, such as a T-shirt, which can lead to high bounce rates and lost sales opportunities. Kuruvilla explained to TechCrunch how this ineffective navigation adversely affects conversion rates.
Introducing Spangle AI
Spangle AI aims to revolutionize this experience by creating tailored landing pages for customers based on their search queries or clicked ads. The startup targets major retailers seeking to enhance their traffic monetization strategies. Powered by an advanced AI model known as ProductGPT, Spangle AI decodes customer interactions to deliver a seamless shopping experience.
Funding and Growth
Based in Seattle, Spangle AI successfully raised a $6 million seed round last year, attracting investments from notable firms such as Madrona Ventures and Streamlined Ventures.
Competing in the E-Commerce Space
Spangle AI joins a growing list of e-commerce startups leveraging AI to enhance online shopping experiences and boost conversion rates. For instance:
- Unbounce (Vancouver, B.C.) raised nearly $40 million in 2020 to offer no-code landing pages.
- Qeen.AI (Dubai) secured $10 million earlier this month for its smart shopping assistants.
Promising Early Results
Although Spangle AI is still in its early stages, it reports impressive results, including a 51% increase in conversion rates during initial testing. With this data, the startup plans to concentrate on expanding its sales efforts.
Kuruvilla’s Background and Vision
Before founding Spangle AI, Kuruvilla served as the CEO of Bolt for two years and had an extensive tenure at Amazon for nearly eight years. He took over from Bolt’s co-founder, Ryan Breslow, in 2022 amid controversies surrounding the company.
Breslow’s situation continued to evolve, facing a lawsuit from Bolt investors over a $30 million personal loan he took out. He has since returned as CEO, defended his actions as a show of confidence in the company, and announced the resolution of Bolt’s legal troubles.
Now, Kuruvilla is enthusiastically looking forward to his journey with Spangle AI. He expressed his passion for e-commerce, stating, “I just love e-commerce and I love solving hard problems,” as he embarks on this new venture.
As Spangle AI continues to develop, it will be exciting to see how it influences the online shopping experience and contributes to the evolving e-commerce landscape.
