Pereg Ventures Acquires Syte, Appoints Ziv Ben-Barouch as CEO to Drive Growth in AI-Powered Apparel eCommerce
Pereg Ventures has acquired a controlling stake in Syte, the only AI-powered product recommendation engine built for apparel eCommerce. This strategic investment, supported by Magma VC, MizMaa, and Stardom Ventures, brings Syte under the leadership of Pereg Co-Founder Ziv Ben-Barouch as its new CEO. Syte's proprietary algorithms deliver hyper-relevant recommendations tailored to apparel's unique attributes, such as size, fit, and style, helping brands optimize conversions and enhance customer engagement. Pereg’s track record in scaling retail tech companies, including CB4 (acquired by Gap Inc.), positions Syte for significant growth as it continues to redefine eCommerce recommendations for global fashion brands.
William Carlin
04 Dec 2024 10:13 PM
A Strategic Investment in Retail Tech
Pereg Ventures has acquired a controlling stake in Syte, the AI-powered product recommendation engine tailored exclusively for apparel eCommerce. This strategic investment, which also includes backing from Magma VC, MizMaa, and Stardom Ventures, marks the start of a transformative new chapter for Syte under the leadership of Ziv Ben-Barouch, Co-Founder of Pereg Ventures and the newly appointed CEO of Syte.
Pereg Ventures’ Proven Expertise in Retail Technology
Pereg Ventures is renowned for its success in scaling retail tech companies. Their portfolio includes CB4, an AI retail analytics startup acquired by Gap Inc. in 2021. By partnering with Syte, Pereg aims to leverage its industry expertise to elevate Syte's proprietary technology, which optimizes eCommerce performance by boosting conversions, solving out-of-stock challenges, and improving customer engagement across multiple touchpoints.
Innovative AI Solutions for Apparel eCommerce
Syte’s proprietary algorithms are trained to "see products like people do," analyzing key attributes such as size, fit, color, occasion, and style. This capability enables Syte to deliver hyper-relevant recommendations that enhance the customer shopping experience. The platform seamlessly integrates into eCommerce ecosystems, powering features like personalized product pages, "shop the look" functionalities, and targeted email campaigns.
Leadership with Vision
“As a Co-Founder of Pereg Ventures and now CEO of Syte, I’m excited to lead the company into its next phase of growth,” said Ziv Ben-Barouch. “Syte’s proprietary AI technology stands out in the market by catering specifically to the nuanced needs of the apparel sector. Combining this with Pereg's strategic guidance creates a powerful opportunity to revolutionize how brands connect with their customers.”
Expanding Syte’s Global Reach
Trusted by major brands such as Perry Ellis, Hibbett Sports, and Monoprix, Syte already serves over 100 clients globally in apparel, footwear, jewelry, and home decor. With Pereg Ventures’ support, Syte aims to scale its operations, redefine customer engagement, and drive eCommerce success for fashion brands worldwide.
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