US-based Australian startup Checkmate has raised US$5 million (A$7.75m) in a Seed round.
The raise was led by US VC Fuel Capital. The other investors include Kevin Johnson, the former CEO of Ebates at Rakuten, NFL star Joe Montana’s Liquid 2 Ventures, Ancestry CEO Deborah Liu, Firstbase CEO Chris Herd, XMTP cofounder Shane Mac, f7 Ventures, Blackbird, Scribble Ventures, Hyper, Susa Ventures, Wischoff Ventures, Exits Capital and Night Capital.
The online shopping tool will use the cash to ramp up product development and user acquisition
Checkmate is online shopping tool for users to discover brands, apply savings and manage orders post-purchase. It works as a mobile app and PC Chrome extension to collate the best deals from a user’s personal email and web, then automatically apply them at your online checkout.
Checkmate CEO and cofounder Harry Dixon said consumers are even more focused on savings amid rising inflation and interest rates.
“At the same time, skyrocketing digital ad costs mean retailers and brands need new ways to establish and build their own customer relationships,” he said.
“We’re extremely proud to partner with this prestigious group of investors as we roll out a delightful product that helps smart shoppers save, while helping brands drive conversion and loyalty.”
Checkmate’s dashboard also stores and manages gift cards and tracks orders for customers. Users can also opt for Checkmate to generate a first-of-its-kind “ghost email inbox” that signs them up to the top 100 retail and brand mailing lists for deals without having to wade through offers personally. The platform then automatically applies any relevant deals from the inbox for users while they shop.
During its testing phase, users engaged with Checkmate 3.5 times per week and saved more than 27%, on average, when purchasing, versus roughly 15% with traditional savings apps.
Fuel Capital founding partner Chris Howard said that in the face of continually rising customer acquisition costs, direct to consumer companies have turned to personalised marketing.
“Checkmate is a tool purpose built to respond to current market dynamics and provide significant value to brands,” he said.
“We’re highly confident in the Checkmate team and are excited to support the company as it continues to provide significant value to brands and marketing teams.”
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