Yieldigo, one of the most promising start-ups in the Czech Republic, which focuses on smart pricing in stores, has new investors. Two million euros, in terms of 54 million crowns, are invested in it by the J&T Ventures fund in cooperation with the giant American investor Alchemist Accelerator from Silicon Valley and the Hungarian PortfoLion from the OTP Bank group.
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“We are, of course, happy, we perceive new capital as a commitment and at the same time a responsibility. Above all, the investment will help us accelerate and strengthen Yieldig’s further expansion in the European retail market, “said David Klečka, co-founder of the start-up, for SZ Byznys about the entry of new investors. New investors will receive up to a fifth share, which values the entire company at approximately 10 million euros, in terms of just over a quarter of a billion crowns.
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Yieldigo and the founders
Jiří Psota, David Klečka and Radim Dudek were involved in the establishment of the company in 2016.
Psota was already an experienced startupist, he had the company Mobile Internet or Bileto and worked for IBM, Mall.cz and Seznam.cz.
David Klečka became the executive boss and Radim Dudek the technological brain.
They got their first investment from billionaire Tomáš Krsk.
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The money is intended for development in the next twenty months. Yieldigo is a partner for large retail chains, but also pharmacies and drugstores, which can help them create the right pricing according to their current goals. These may not only be in profitability, but also, for example, in achieving a larger turnover or gaining market share in a certain segment of goods.
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Originally, the Czech start-up uses artificial intelligence and large data for this, which both leads to greater efficiency and at the same time reduces possible human errors in pricing. The algorithm takes into account the prices of the competition, the popularity of the item, but also, for example, the weather or the development of the economy, and therefore the expected purchasing power of customers.
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“At J&T Ventures, we are very close to the retail sector, so we felt a great deal of mutual understanding. In addition, Yieldigo has a truly top team and a proven business model with global potential. It is a great example of an innovative technology company that can grow even in times of economic crisis and turn it into an opportunity, ”explains Adam Kočík, Executive Director of J&T Ventures.
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Yieldigo already has customers in the Czech Republic, Slovakia, Poland, Germany and Russia and targets other markets in Central and Western Europe. According to its creators, the system is tuned and able to be deployed on a large scale. In the Czech Republic, Košík.cz is one of the customers, but in general the company’s managers are careful when appointing clients.
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“Two years ago, we had a lot of fun with customers and explained to them what we actually offer. Last year we focused on managing discount events in leaflets and this year we are ready to grow quickly, “says Yieldiga store manager Milan Havlíček. The business model usually has the service set up to take a monthly lump sum payment according to the size of the managed trading portfolio. The company has been profitable for two years, last year’s turnover slightly exceeded twenty million crowns.
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“We are now a significant step closer to fulfilling our dream of becoming the most sought-after tool worldwide for the implementation of efficient and automated pricing of the new generation,” plans David Klečka, who founded Yieldigo together with Radim Dudek and Jiří Psota in 2016.
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At that time, the company received an initial investment of approximately six million from Presto Ventures billionaire Tomáš Krsk, the former head of Škoda Transportation. Currently, it is indirectly supported by one of the richest Slovaks, Patrik Tkáč, co-owner of the J&T group. The founders still hold the majority.
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The service has so far had minimal competition on a global scale, it can be measured with Revionics from the USA or Retail Express from the UK. This also makes it a prized commodity.
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