Alice Labs, a Dhaka-based SaaS startup that offers a multi-channel customer service solution to online businesses, has raised $500,000 in a seed funding round led by Anchorless Bangladesh and joined by HOF Capital. It is the first external funding round for the startup that has remained bootstrapped since it was founded in late 2018.
The flagship (and for now only) product of Alice Labs is MyAlice, an online tool that helps online businesses – esp. the ecommerce websites – streamline customer service by connecting all their communication channels (e.g. website chat, social media platforms, and messaging services) to it and manage the conversations (with customers) from a single dashboard.
In addition to integrating with communication channels, MyAlice also integrates directly with the ecommerce website (Shopify, WooCommerce, Magneto, etc.) to streamline all the store data plus customer communication in one place to offer better support to customers and help businesses increase their sales.
The platform enables them to create a virtual assistant (chatbot) in a few minutes and automate up to 70 percent of their customer conversations. They are automated through natural language processing and machine learning with the chatbot sharing responses with customers wherever possible and connecting them with a live human operator for everything else.
As illustrated in the example below, MyAlice connects a regular customer with a free agent with top priority. It knows that the message is coming from a regular customer because the store data is integrated into the platform. In case of an angry customer (who has been identified as an angry customer using NLP), the bot connects them with the best agent immediately and when a frequently asked question like return policy is asked, it sends an automatic response.
Utilizing the data around previous orders, viewed products, and products in the cart, the platform also helps businesses sell more through up-selling and cross-selling. As it understands user preferences, it can recommend similar products to them. The businesses can also set up automated follow-ups with customers to complete a sale, for example.
The tool is currently available in three subscription options: $50 per month for businesses with up to 500 monthly active users, $300 for clients with up to 5,000 monthly active users, and custom pricing for large enterprises.
The company that was founded by Shuvo Rahman who has previously built and shipped machine learning solutions for different Bangladeshi startups currently serves 50 ecommerce stores and enterprises – including large FMCG clients like Unilever, Coca Cola, and Nestle – in South Asia and Southeast Asia. With the latest funds, it plans to further expand into Southeast Asia and launch in MENA markets. For HOF Capital, the investment was led by their UAE-based partner Tala Al Jabri who will apparently help Alice Labs with its expansion in the Middle East.
“Through machine learning, MyAlice strives to decode the complex behavior of shoppers across different regions and help businesses better communicate with them in their native languages, allowing clients to offer highly targeted localized support and better cater to diverse consumer habit,” noted the startup in a statement.
Its founder and CEO Shuvo Rahman, said, “Over the past two years, we have refined our technology and product-market fit, developing a keen understanding of the challenges in the customer service space and unique solutions to address a wide range of client and consumer needs. With this momentum, we believe we can scale our growth across a few key markets through our highly targeted offerings.”
“Both Anchorless and HOF Capital share our vision and can help us accelerate our growth not only through financing but also with key connections and market insights. We are truly grateful for their trust and support,” he added.
Alice Labs claims that MyAlice can help clients reduce service costs by more than 30 percent and increase their sales – while improving customer satisfaction and retention. The startup aims to continue refining its capabilities with the goal of helping clients reduce customer-service-related costs by up to 50 percent and double their sales through better customer engagement and retention.
Rahat Ahmed, Founding Partner and CEO at Anchorless Bangladesh, said, “Alice is a prime example of the growing opportunity we see in Bangladesh: Highly driven and disciplined founders like Shuvo are able to successfully leverage the country’s vast tech talent to build a cutting-edge product suitable for international markets. Alice Labs has an edge in being able to service markets that are often overlooked by larger global players.”
HOF Capital’s Tala Al Jabri is excited about the global prospects of Alice Labs, “The company has managed to produce considerable traction with leading enterprises on a global scale already, and this capital infusion will only further augment Alice’s reach. HOF Capital is committed to supporting the company in realizing this growth through its strategic enterprise network.”
In addition to the expansion, Alice Labs plans to use the funds for enhancing its offerings, building partnerships, further developing its distribution channels to reach more customers, and growing its team.
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