Israeli AI promotion platform, Monocle, launched from stealth mode today with $7.5 million in seed funding led by F2 Venture Capital, with participation from Tiferes Ventures, irrvrntVC. Notable angels also participated in the round, including Max Mullen, Kyle Hency, Ziv Paz, Ben Jabbawy, and Michael Preysman.
Founded in 2022, Monocle aims to empower brands of all sizes to personalize promotions and turn their promotional spending into profit. They leverage AI to automate the intricate process of determining optimal promotion strategies. Previously, this capability was reserved only for large consumer tech platforms with advanced resources. Monocle’s innovative technology now allows direct-to-consumer (DTC) companies to personalize promotions based on user-level data, enabling brands to adjust their strategies dynamically as consumer patterns evolve.
Monocle began offering its platform to select brands last year, and it’s already being used by companies like Death Wish Coffee, BRUNT Workwear, and Honeylove.
Monocle’s platform integrates quickly and requires minimal setup, with no need for internal engineering or data science teams. The technology connects seamlessly to a brand’s store and email/SMS platforms (such as Klaviyo and Attentive), offering granular insights into performance metrics like online revenue, promotion spending, average incentives, and customer lifetime value.
The startup was co-founded by Noam Szpiro and Mark Lotman, former engineers and staff at Lyft, Instacart, and Stripe.
