VMG Leads Investment in Platform Generating Shopping Journeys for Human and Agentic Shoppers
SAN FRANCISCO, June 11, 2025 /PRNewswire/ — FERMÀT, the AI-native commerce platform generating brands’ shopping experiences for stronger engagement and conversion, today announced it has raised $45 million in Series B funding. The round was led by commerce enablement and brand investor VMG Partners, with participation from existing investors QED Investors, Greylock, Bain Capital Ventures, and Courtside Ventures. The investment will accelerate FERMÀT’s mission to deliver hyper-personalized commerce experiences to help prepare enterprise brands and agency partners for the inevitable era of agentic commerce.
Unlocking a Massive Market Shift
The digital commerce landscape is undergoing a seismic shift. Marketing executives across brands of every size face mounting pressure as customer acquisition costs soar and consumer expectations for personalization in this new AI era have reached new heights. The global e-commerce market is projected to surpass $8 trillion by 2027, yet brands are struggling to differentiate in a crowded marketplace and efficiently deliver targeted experiences at scale.
With a mission to empower brands to tailor every touchpoint, FERMÀT addresses this challenge head-on by allowing merchants to deploy highly personalized, AI-driven commerce journeys that drive engagement without relying on massive engineering teams or prohibitive costs.
“VMG’s investment in FERMÀT is the result of countless CMO conversations. Brands and retailers are hungry for “the art of the possible” in hyper-personalized commerce, and we believe AI makes that achievable,” said Indy Guha, General Partner at VMG Partners. “As the industry stands at an inflection point across AI, data, and brand-building, FERMÀT is a foundational platform for brands seeking to win the next decade of consumer engagement.”
The opportunity is transformative. Just as Meta constantly ingests and analyzes data to optimize ad delivery, FERMÀT learns from each brand’s data to determine and deliver the best possible commerce experience for every human or agentic shopper.
FERMÀT as a Category Creator
Founded in November 2021 by Rishabh Jain and Shreyas Kumar, both former LiveRamp product and engineering executives, FERMÀT has quickly established itself as a category creator and leader in the AI-native commerce space. Since its Series A, FERMÀT has grown ARR by more than 5X and tripled the size of its team. The platform now powers shopping journeys, from first touch point to check out, for major brands including BISSELL, Backcountry, Unilever (Olly), Glossier, Adapt Naturals, GNC, ILIA Beauty, and partners with leading agencies such as Tinuiti and Common Thread Collective (CTC).
“At Tinuiti, we partner with cutting-edge platforms like FERMÀT because we recognize that the future of ecommerce is being shaped in real time. This collaboration has generated real momentum for our teams and, more importantly, for the brands we support.” said Chris Chang, SVP Strategic Partnerships at Tinuiti. “FERMÀT empowers our clients to rapidly build and optimize personalized post-click experiences, giving them greater control over performance across the full funnel. By removing traditional engineering barriers, brands can now deliver commerce journeys tailored to both human and agentic shoppers with speed and precision. Together, we’re transforming agility into a strategic advantage.”
Recent product launches underscore FERMÀT’s commitment to innovation:
- Pierre Strategize AI: An AI agent (Pierre, eponymous to the company’s name) analyzes store performance and audience behavior to generate personalized funnel strategies and full commerce experiences.
- Heatmaps: Visualizes user behavior at a significantly more granular level than ever before thanks to LLMs, and identifies engagement hotspots and friction points.
- Funnel Visualizer: Explore the entire customer journey in real-time, pinpointing unique merchandising opportunities and enabling direct funnel adjustments.
- Pierre Data Explorer: Chat with your data and Fermat’s underlying shopper behavior graph in natural language for rapid insights and analysis.
- Commerce Brain: Fermat’s underlying data advantage comes from tracking every consumer behavior in an anonymized way that enables all enterprises to understand their full consumer shopper behavior. Much like what LLMs has enabled for conversations in chat interfaces, this product unlocks consumer insights about how people buy that has never been possible before.
The Series B round will fuel FERMÀT’s continued growth, including the expansion of its agency partner program, a deeper investment in platform capabilities, and the scaling of its proprietary commerce graph and data infrastructure. The company’s vision is clear: to power every digital commerce experience, enabling brands to tailor every touchpoint.
A Vision for the Next Decade
“This funding round cements FERMÀT’s opportunity to define the category of commerce experiences expertly tailored to each shopper,” said Rishabh Jain, CEO and co-founder of FERMÀT. “We’ve moved beyond validating our core business mechanics to securing our position as a category leader. We believe that within a few years, every commerce experience—from ads to agentic shoppers to in real life placements—will be powered by FERMÀT’s personalized commerce technology.”
The Series B funding will accelerate FERMÀT’s category leadership by:
- AI Initiatives: Advancing AI capabilities to generate the best commerce experiences for both human and agentic shoppers, with innovations in AI-generated experiences, natural language and data interaction, AI merchandising, and AI offer generation.
- Data & Infrastructure Investments: Further developing the FERMÀT commerce brain—the world’s largest human and agentic shopper data graph, to power hyper-personalized journeys at scale.
- Team Growth: Expanding enterprise sales, agency strategy, and AI/ML product architecture teams to support rapid adoption and deeper industry partnerships.
About FERMÀT
Founded in November 2021, by Rishabh Jain and Shreyas Kumar, both former LiveRamp product and engineering executives, FERMÀT is headquartered in San Francisco. Its proprietary commerce graph and AI-powered commerce generation platform usher in an era of fully personalized e-commerce journeys, increasing advertising effectiveness, and shopper engagement for both human and agentic consumers.
Media Contact
Alexa Kilroy
Head of eCommerce Marketing
alexa@fermatcommerce.com
SOURCE Fermat Commerce