Founders: George Khachatryan, Victor Kostyuk
Founding: 2020
Mission: Accelerating the creation of knowledge
Employees: 100 & ~10% Local
Workplace: Remote
Stage & Capital Raised: Series B & $39M raised
Investors: Menlo Ventures, Canvas Ventures, Ridge Ventures, Harmony Partners, Alumni Ventures Group, Carbide Ventures, Burst Capital, Capital One Ventures
Key Customers: Brinks Home, Engie Resources, MetLife, Foxtel Group
Glassdoor Rating: 4.9
Valuation (estimated): $150M – $250M (assuming average equity dilution in the Q4 ‘23 $25M Series B fundraise)
^ this is a useless number from MGMT Boston. There is no tangible valuation until the business is sold or goes public. Don’t forget it!
OfferFit is building an AI Decisioning platform that enables lifecycle marketers to automate personalization at scale. They are taking the tedium & pain out of A/B testing using best in class technology and a technical services approach for enterprise marketing teams.
This growth stage startup was founded by George Khachatryan & Victor Kostyuk, two long time friends who met as Math PhD students, and enjoyed working together. Victor rows from the technical side and George pulls the oars from the business end.
They knew they wanted to build a company together but waited for the right idea. Victor was working at Boston Consulting Group building machine learning models to personalize marketing outreach for their existing customer base. Using “reinforcement” machine learning, he built agents (before agents) that learned through autonomous experimentation based on pre-determined KPIs. When Victor and George caught up, they both agreed it was a compelling opportunity productize externally.
The product lifecycle management market cuts a cross section across e-mail marketing ($10B+), mobile push, in app messaging, and more with 19,000+ customers who use lifecycle marketing tools according to 6sense (src). Full stop, marketers need better tools so they can spend less time on administration and more time on strategy.
If you’re a marketer, you want better personalization. That’s hard to execute. Traditionally, you would divide up segments and do A/B testing to continuously level up your results. Necessary work, but extremely slow that takes cross functional resources (and commitment).
OfferFit uses the same type of “reinforcement learning” pioneered by Victor at BCG, specializing in building AI agents that learn through experimentation. Their platform automates the process of A/B testing across infinite segments down to the individual recipient to conduct AI testing.
Their platform thrives on “owned” lifecycle marketing & CRM channels like e-mail, SMS, and push notifications which have the richest datasets and ability to personalize 1:1 to pursue the marketing holy grail: the right message with the right creative at the right time for the right person.
OfferFit plugs into customers’ data warehouses to ingest first party data, make daily customer level decisions, and tweak its approach continuously to drive better results based on predetermined KPIs as it learns. The essence of what they do is customizable for different enterprise KPIs and guardrails, working in collaboration with existing CDP (customer data platform) and ESP (e-mail) providers, in a similar way that a company like Palantir is deployed specifically for an individual enterprise use case.
Their biggest competition is “in house” custom builds and their emphasis on composability for “AI testing”, instead of A/B testing, sets them apart. Using modern APIs, OfferFit has a much cheaper, streamlined approach so marketers can extract best in class insights.
OfferFit has employees in the U.S., Canada, Latin America, Europe & Australia and has a remote workplace. Their workforce leans really technical, both for engineering & technical employees, as their platform is a blend of an expert machine learning product and an accompanying service.
OfferFit is on pace to double revenue in 2024 across a customer base of dozens and, dare they say, have never churned a customer to date. When they deploy, they always run a control group of “business as usual” to show the value they’re providing their customers so companies want to continue working with them! OfferFit has prioritized great customer service too as a central piece of their culture.
Boston stands out as a location with great technical talent and dozens of first rate colleges and universities. As technology becomes more complex & sophisticated, they hope to continue to grow here and think Boston will have an increasing edge in the war for talent.
OfferFit is backed by top tier investors like Menlo Ventures, Canvas Ventures, Ridge Ventures, Harmony Partners, Alumni Ventures Group, Carbide Ventures, Burst Capital, and Capital One Ventures.
Operators to Know (Locally):
- Anna Deitcher, RevOps Associate
- Daniel Feist, ML Engagement Manager
- Ginna Gomez, ML Engagement Manager
- Alex Guo, Customer Success Director
- Davin Lencz, Director, Strategic Accounts
- William Palmer, Senior Manager, ML Implementation
- Will Razen, Staff ML Applied Scientist
- Haley Ruff, Director of Customer Success
- Brandon Sorrow, Senior Software Engineer
My investigative powers continue to need work so apologies to the OfferFit team I know I missed many up & coming operators internally
Key Roles To Be Hired:
- Account Executive (Director, Strategic Accounts)
- Machine Learning Engineer
- Machine Learning Implementation Engineer
- GTM Enablement Manager
- Regional VP of Sales
- Senior Customer Success Manager
- Senior Machine Learning Applied Scientist
If I were interviewing here are some questions I’d ask:
- What are the key company milestones as OfferFit gears up for 2025?
- What are the biggest challenges as you scale the team past 100 employees?
- What is the long term vision for the company?
- What are the most important roles you’ll be looking to add in 2H 2024 // teams that need the most help?
We’re optimizing for readability here so to learn more about OfferFit you’ll have to D.Y.O.R. I’m excited to watch this team bring more marketers into the AI age. All growth hackers applaud your efforts. See you around town!