Pereg Ventures Takes Majority Stake in Syte to Empower Apparel eCommerce With AI-Powered Product Recommendations

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Dec 04, 2024, 14:33 ET

With a proven track record in retail tech, Pereg Ventures invests in Syte's unique proprietary technology to propel its growth under the leadership of Ziv Ben-Barouch, Pereg Co-Founder and Syte's new CEO.

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Syte, the only AI-powered product recommendation engine built from the ground up for apparel eCommerce, today announced that New York-based Pereg Ventures has acquired a controlling stake in the company. This strategic investment, led by Pereg and including Magma VC, MizMaa, and Stardom Ventures, marks the start of a transformative new chapter for Syte, now under the leadership of Ziv Ben-Barouch, Co-Founder of Pereg Ventures and Syte's newly appointed CEO.

Pereg Ventures, recognized for its expertise in retail technology, has a proven track record of identifying and nurturing innovative companies to success. Notably, Pereg Ventures was an early investor in CB4, an AI retail analytics startup that was later acquired by Gap Inc. in October 2021. This strategic foresight underscores Pereg's ability to spot and develop companies with significant growth potential. With Syte's advanced proprietary technology, the company has become a leader in delivering highly relevant product recommendations that boost conversions, solve out of stocks, reduce bounce rates, supercharge email marketing, and increase revenue per user. Pereg recognized a unique opportunity to scale Syte's impact and enhance its position as a trusted partner for global brands.

"As both a Co-Founder of Pereg Ventures and now the CEO of Syte, I'm excited to guide the company into its next phase of growth," said Ziv Ben-Barouch. "At Pereg, we've always believed in finding companies that provide exceptional value to their customers. Syte's proprietary AI technology gives it a true competitive edge in a world where commoditized AI solutions fail to meet the unique needs of the apparel sector. With this partnership, we're combining Syte's innovative solutions with Pereg's deep retail expertise and guidance to deliver incredible value for our clients."

Pereg Ventures has successfully scaled companies across the retail vertical bringing decades of industry experience to this new chapter for Syte. "Syte is unlike anything else in the market," said Itzhak Fisher, Co-Founder and Managing Partner of Pereg Ventures and a newly appointed Syte board member. "Syte's algorithms are trained to see products like people do, and they can see why you buy. Their ability to understand the nuances of apparel—like size, fit, color, occasion, material, and style—sets them apart from one-size-fits-all AI solutions. We're bullish about Syte's potential to lead the future of eCommerce recommendations and deliver significant value to fashion brands worldwide."

Syte's proprietary recommendation engine integrates seamlessly across eCommerce ecosystems, enabling brands, retailers, and marketplaces to deliver relevant suggestions everywhere customers engage—from product pages to "shop the look" features and personalized email campaigns. With Pereg Ventures' strategic vision and Ziv's leadership, Syte is positioned to expand its reach, optimize key eCommerce metrics, and redefine how apparel brands connect with customers.

"This is an exciting moment for Syte," said Ziv Ben-Barouch. "We're doubling down on our commitment to helping apparel brands create frictionless, impactful shopping journeys that drive conversions, reduce out of stocks, and improve the overall shopping experience. With Pereg's expertise and Syte's technology, we're creating a winning formula for long-term success in eCommerce."

About Syte
Syte is the only AI-powered product recommendation engine built from the ground up for apparel eCommerce, trusted by top brands like Perry Ellis, Hibbett Sports, Monoprix, and many more to boost conversions and drive sales. Their proprietary algorithms, trained on billions of shopper interactions, can see the unique attributes that drive apparel sales—size, fit, color, style, occasion, and more—and deliver highly relevant recommendations to shoppers. Syte seamlessly integrates across the eCommerce journey, from product description pages and 'shop the look' features to email marketing and checkout, helping brands cross-sell, upsell, solve out-of-stock challenges, and optimize product discovery to drive measurable sales growth. With more than 100 customers worldwide in apparel, footwear, jewelry, and home decor, the company is a trusted partner to the most innovative names in eCommerce.

For more information, please visit https://www.syte.ai/.

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SOURCE Syte