NEW YORK--(BUSINESS WIRE)--Monocle, an AI-powered promotion platform, today is emerging from stealth mode with technology to help consumer brands seamlessly deploy and personalize promotions to turn their spend into profit. The platform’s launch is supported by a $7.5M seed round led by F2 Venture Capital. The round also includes investments from Tiferes Ventures and irrvrntVC and from founders at, Instacart, Everlane, Melio, and Chubbies. Deciding what promotions to give and who to give them to is a manual process laden with nuances. Until now, only large consumer tech platforms had the resources and know-how to automate the process with causal based AI methods. With Monocle’s innovative technology, DTC companies of all sizes can use AI to build incentive strategies that reach consumers on an individual, personalized level.
The near $400 billion annual spend on promotions is largely under personalized and under optimized. This is because most DTC companies can only rely on time consuming A/B tests to inform incentive decisions, leading to strategies that lack user-level targeting and become outdated quickly as consumer patterns change. Monocle delivers the technology to go beyond A/B testing to deploy smart, personalized incentives based on the incremental effect to maximize profit.
Monocle opened its platform to select brands in 2023, and is already being used by Death Wish Coffee, BRUNT Workwear, and Honeylove, among others. Led by a team of industry veterans from Lyft, Instacart, and Stripe, Monocle is co-founded by Noam Szpiro and Mark Lotman.
“Throughout our years at big consumer technology companies, we recognized the power causal based AI models hold in driving successful incentive strategies,” says Noam Szpiro, Co-Founder and CEO of Monocle. “We know the single best lever for consumer conversions is the final price they pay, and we’re thrilled to launch our platform that provides brands with the right tools to unlock the power of smart incentives that drive incremental profit - no matter their size.”
“Monocle has been an absolute game changer in helping us personalize our incentive strategy without increasing complexity or manual execution,” said Lyndsey Adamo, Associate Director of Retention at Honeylove. “Since our partnership began, we’ve seen a night and day difference in our abandonment flows. Monocle has given us an entirely new understanding of our business as it relates to our incentive strategy, and we’re excited to witness the continued impact their technology has on our business.”
Monocle offers quick integration capabilities and the platform can be used within days without the need of internal engineering or data science teams to help with onboarding. The technology seamlessly connects to a brand’s store and email/SMS platforms (such as Klaviyo and Attentive), delivering a performance snapshot alongside a granular analysis of promotions indicators impacting brand performance such as online revenue, budget spent on promotions to date, average incentives given to customers, customer lifetime value, and more.
“Promotions spend is a massively under optimized field, with many consumer brands leaving money on the table as they rely on outdated incentive structures. We invested in Monocle because we saw firsthand how advanced their technology is compared to others in the market,” says Maor Fridman, General Partner at F2 Venture Capital whose investment strategy is focused on applied AI. “The technology, coupled with the team’s vastly relevant experience, uniquely primes Monocle to bring real rigor into the space for brands.”
To learn more about Monocle, visit https://www.usemonocle.com/.
About Monocle
Monocle is an AI-powered promotion platform for consumer brands. It enables brands to create and orchestrate smart promotions that drive incremental profit without sacrificing brand equity or margins. Headquartered in New York City with offices in Tel Aviv, Monocle is working with consumer brands like Death Wish Coffee, Honeylove and Brunt Workwear to steer promotion strategies and turn promotion spend into profit.
