Webio, an EIT Digital-backed startup, raises €3.8M to scale its Conversational AI platform

The Series A round was led by Finch Capital. Established in 2016, Enterprise Ireland and EIT Digital were early backers of Webio, which now has customers spanning financial services, online retailers and utility companies across the UK and Europe. 

Webio, an Irish startup which is part of the EIT Digital Equity Portfolio has raised €3.8M ($4M) in a series A funding round led by Finch Capital.

Webio is a leader in Conversational AI in the credit, collections and payments industry.

The startup’s technology enables leading UK and European companies to communicate conversationally with customers throughout their credit and collections journeys.

Webio uses the power of Artificial Intelligence and machine learning in a ‘blended approach’ that lets automated bots work alongside contact centre agents.

Customers can ask questions, change payment dates, or organise a new repayment schedule, all tailored to their circumstances, all done through Conversational AI and automation.

The use of Webio’s platform leads to significant benefits: agent productivity improves by up to 42% and the positive conversation outcomes increase by 71%, while unwanted inbound calls decrease by up to 64% and operational costs reduce by over 70%.

Webio will use the new funds to deepen its capabilities in conversational AI and additional digital offerings. Webio plans to triple the size of the company’s R&D team, expand the sales and marketing teams, and expand its customer success teams to address demand in the UK and European markets.   

“We are growing at more than 100% year on year, and with this investment we are targeted to double our headcount in the next 6 months. I am confident that Webio will maintain its growth ratem and may look to raise additional capital to enter new markets.

There are very exciting times ahead for us.  We are certainly in the right market and at the right time. All I can say is watch this space,” says Cormac O’Neill, Co-Founder and CEO at Webio.

Webio joined the EIT Digital Accelerator in 2019 to fuel its international growth. In late 2020, EIT Digital received shares in Webio as a result of support provided under EIT Digital's "Data Against Covid" Initiative and a few months later, in June 2021, the company raised a €1.5 million in investment in a pre-Series A funding round, also led by Finch Capital.

"It’s great for Webio to be part of the EIT Digital ecosystem. For a startup like ours, to be able to amplify our message through the EIT Digital network throughout the EU and beyond is a great asset" O'Neil says.