OpenFi Secures £500,000 Pre-Seed Funding, Paving the Way for Product Expansion

By Sebastian Castro July 3, 2024

Bijan Morvaridi led a £500,000 (€585,000) pre-seed funding round for OpenFi, a conversational AI platform focused on lead generation and customer nurturing. Additional investments from Fortune Green Capital Ltd and Foundation Ventures Ltd will help expand the product team, develop the second version of the platform, integrate with a UK financial institution, and collaborate with the FCA on AI compliance.

OpenFi’s SalesTalkAI facilitates human-like conversations on WhatsApp, email, and social media without the need for additional hires. Utilizing natural language conversational AI, SalesTalkAI filters, qualifies, and nurtures leads, escalating those ready to close to their human colleagues. By allowing the human team to focus on high-value leads, SalesTalkAI efficiently scales sales and boosts profits. Furthermore, SalesTalkAI can engage with existing customers to ensure high renewal rates without relying on the human team.

Businesses engaging customers through messagings solutions, however, reported a 58% increase in leads and a 34-fold increase in ROI. What’s more, customers are 2.4 times more likely to stay when businesses are quick to solve their problems. 

This leaves many businesses in a catch-22 scenario: more attentive customer service teams could increase profits, but it’s prohibitively expensive to maintain around-the-clock customer service reps. This is why OpenFi is on a mission to empower and redefine customer conversations using AI.

OpenFI Team

Nick Katz, Founding Partner of Foundation Ventures, comments: “Having followed Sam’s previous company Lead.Pro from start-up to trade sale, I was impressed by his ability to find product-market fit, focus on customer needs, and generate revenue. This is why Foundation Ventures was keen to back his new play.”

Lead investor Bijan Morvaridi had this to say about the new platform: “Having worked in the restaurant business for years, I know how important personal service is. OpenFi’s technology is the first AI application I’ve experienced that felt human and personal, that’s why I am backing the company.”

Sam Oliver, OpenFi CEO and Founder, states: “This conversational AI technology enables companies to give a far more satisfying customer experience, at a higher profit margin. We’re creating a win-win-win situation for customers, companies and our investors.”

Though industry and platform agnostic, OpenFi’s initial customers are in financial services. Starting in an industry that demands the highest levels of security and professionalism has allowed OpenFi to showcase the consistent, responsible and safe delivery of its technology. Just nine months after its launch, OpenFi has already proven to be a valuable tool: during a three-month pilot with a mortgage brokerage, it tripled conversion and revenue.