Little Birdie has received A$30 million investment from Commonwealth Bank (CBA), ahead of its launch next month (June 2021).
The investment values the online shopping startup at A$130 million, making it among the largest pre-launch funding rounds in Australia.
Powered by AI, Little Birdie’s online shopping site lists more than 70 million products. Customers can discover the latest price drops, sale events and exclusive offers across all their favourite brands and stores, in real time.
As part of the investment, CBA will over time integrate curated Little Birdie shopping content into its market-leading CommBank app, and provide Little Birdie with access to CBA’s 11 million retail customer base in Australia.
Little Birdie will use the fund to enhance its platform and fast track growth and international expansion plans.
Commenting on the deal, said CBA’s interest in Little Birdie and the size of the pre-launch funding round is reflective of the company’s growth potential.
“Part of our growth strategy is to integrate major brands with Little Birdie’s shopping content to drive greater engagement and a seamless customer experience,” said Jon Beros, Co-founder and CEO of Little Birdie.
Retailers and brands are looking for new and better ways to connect and engage with shoppers. Consumers are bombarded with messages and options on a daily basis making shopping online an overwhelming experience for many, leading to abandoned shopping carts and customer churn.
“Little Birdie solves this problem with its pioneering retail model that provides shoppers with a smarter and more convenient way to shop. Retailers also take advantage of a new customer acquisition channel that delivers highly qualified customers. We believe that Little Birdie will become a daily habit for savvy shoppers,” said Beros.
“This partnership marks a shift in the ecommerce landscape in Australia, seamlessly blending banking and shopping and bringing the experience together. Customers appreciate the relationship between their banking and spending, and are increasingly looking to their bank to help them manage their money and save for their goals,” said Angus Sullivan, Group Executive of CBA.
“We believe customers should have access to the world’s best digital experience and our partnership with Little Birdie will give customers access to exclusive industry leading deals via the CommBank app,” he added.