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Melbourne e-commerce retail startup Little Birdie has flown from the nest of one Big Four bank to another following an acquisition for an undisclosed sum from Cashrewards, which is owned by ANZ-affiliated innovation investor 1835i.
After receiving $30 million in pre-seed funding from Commonwealth Bank (ASX: CBA) in 2021 at a valuation of $130 million, the online shopping aggregator put its operations on pause in May this year, shutting down its website and app.
At the time, Startup Daily revealed Little Birdie had emailed customers claiming it was working on an improved format to deliver its artificial intelligence (AI) shopping tool.
"In the meantime, this unfortunately means you can no longer use Little Birdie," the company was quoted as saying in the email, whilst claiming to have saved $45 million for users since inception with 10 million visits.
After less than three months in limbo, Cashrewards has announced its acquisition of the company founded by former Latitude Pay GM Jon Beros and Catch founders Gabby and Hezi Leibovich.
Cashrewards plans to integrate Little Birdie’s extensive product search and real-time price tracking into its own cashback platform, although in the first phase of integration it will relaunch the Little Birdie website and app, including the products its loyal customer base loved.
The buyer is aiming to achieve this relaunch before the Black Friday/Christmas season begins in earnest.
"Cashrewards is committed to leading the way in innovation and bringing members even more value and ways to save on their everyday shopping," says Cashrewards CEO Anthony Seymour-Walsh.
"Once the integration is complete our 2 million-plus members will be able to enjoy a seamless shopping journey with Cashrewards, supercharged with Little Birdie's powerful product search and price comparison tools.
"This acquisition is a major win for consumers in Australia and is a significant milestone in Cashrewards' growth trajectory. This move not only strengthens our market position but will enhance our value proposition and accelerate the growth opportunities within our cashback and retail media sectors."
Little Birdie co-founder and CEO Jon Beros is upbeat about the latest development.
"Little Birdie’s world-leading technology is a groundbreaking innovation for online shopping," he says.
"By combining our innovative platform with Cashrewards’ leading cashback ecosystem, customers will be empowered like never before.
"In the future, they’ll have all the tools they need to make smarter, more informed purchases, while getting the best value possible. This will not only enhance the shopping experience but also generate millions of customer referrals for retailers, adding value across the industry."
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