Bolt CEO Launches New E-commerce Startup

Maju Kuruvilla Launches New Startup, Spangle AI

Maju Kuruvilla, formerly the CEO of the one-click checkout startup Bolt, has announced his return to the entrepreneurial landscape. He is now at the helm of a new venture designed to address a different challenge faced by online shoppers – a process he terms “check-in.”

The Problem of Disconnect Between Ads and Landing Pages

Often, the experience following an ad click can be disjointed. Shoppers may be directed to a website that doesn't feature the advertised product. This inconsistency frequently leads to shoppers abandoning the site, negatively impacting conversion rates, as Kuruvilla explained to TechCrunch.

Spangle AI's Solution: AI-Powered Custom Landing Pages

Kuruvilla’s new company, Spangle AI, aims to rectify this issue through the use of artificial intelligence. The startup develops personalized landing pages tailored to the specific searches or ad clicks of individual shoppers.

These custom pages are offered to major retailers seeking to enhance their traffic monetization. The technology is driven by an AI model known as ProductGPT, which interprets customer interactions to deliver relevant content.

Funding and Investors

Spangle AI, headquartered in Seattle, secured a $6 million seed funding round last year. Key investors include Madrona Ventures, based in Seattle, and Streamlined Ventures, located in Silicon Valley.

Competitive Landscape

The company enters a growing market of e-commerce startups leveraging AI to personalize the online shopping experience and boost conversions. Unbounce, a Vancouver, B.C.-based provider of no-code landing pages, raised nearly $40 million in 2020. Similarly, Qeen.AI, from Dubai, recently secured $10 million for its intelligent shopping assistants.

Early Results and Future Focus

While still in its early stages, Spangle AI reports encouraging results from its product. Initial testing indicates a 51% increase in conversion rates. The startup intends to prioritize sales efforts, supported by these positive case studies.

Kuruvilla's Background and Bolt's Recent History

Kuruvilla served as CEO of Bolt for two years and previously held a position at Amazon for nearly eight years. He succeeded Ryan Breslow, Bolt’s co-founder, in 2022 following Breslow’s public criticisms of Y Combinator on Twitter.

Subsequent to this transition, Breslow faced legal action from Bolt investors regarding a $30 million personal loan. He has since resumed his role as CEO, defending the loan as a demonstration of faith in Bolt and asserting that the company’s legal issues have been resolved.

Looking Ahead

Kuruvilla, who playfully announced his departure from Bolt last year with a reference to “one-click checking out” on X, expressed his enthusiasm for the future. He conveyed to TechCrunch his passion for e-commerce and his dedication to tackling complex challenges.