Go1-backer OIF Ventures places fresh bet on customer data start-up Dataweavers

“We want to get our customers building the experiences that actually drive sales.

“These platforms give brands the power to build customer relationships… and we take the complexity out of building these platforms.”

Dataweavers uses the Microsoft Azure cloud platform and works specifically with Sitecore customers. Companies using Dataweavers include Australian Retirement Trust, Isuzu and UnitingCare.

Mr Shapiro said that as Apple changed its iOS privacy policy to allow users to prevent apps from tracking their behavior in the Internet, companies are increasingly looking to marketing solutions that only use first-party data they collect directly from customers track internet.

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“Brands need to think about how they can profile their customers without relying on third-party data or cookies,” he said.

“When they interact with a customer, whether it’s through a mobile app or in a store, they want to know who that person is, regardless of where they shopped.

“It can be anything from retail purchases to business-to-business purchases. It’s a way of categorizing who a person is.”

When this data is unified through DXP software, companies can invest time in building online customer interactions that are more likely to result in a sale.

OIF Ventures’ investment comes after the VC fund completed an oversubscribed $140 million capital raise for its third fund earlier this month.

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“We immediately connected with Ben and Anthony and were deeply impressed by their unique approach to modernizing complex applications and streamlining operations in the public cloud,” said OIF investor Anna Osipov Heymann.

Mr Shapiro said it took the company about 18 months to find the right investor for OIF.

Up until that point, the company had been self-funded, which he said had served the business well given the correction in the technology market and the increased focus on ways to generate profitability from investors.

“I’m always thinking about how I can generate revenue faster, but also how quickly we can break even,” Mr. Shapiro said.

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“We’ve built our team and in general we think we’re thinking of using capital efficiently rather than spending everything quickly.”

Mr Shapiro said the company is likely to raise another round of funding but expects it to take at least 24 months.

Meanwhile, the company is focused on building a global sales team and building a partner channel.

“We’ve been fortunate to win some US companies over COVID-19 … and we already have quite a traction there,” Mr. Shapiro said.

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