All the fundraising deals in the AI shopping market (from Q2 2025 to Q2 2026)
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In our AI shopping market deck, you will find everything you need to understand the market
Sixteen qualifying AI shopping funding rounds raised $214.86 million from Q2 2025 through Q2 2026.
Q2 2025 raised the most capital, but Gensmo's $60 million round created most of that result.
Q1 2026 recorded the most deals, showing broader interest across shopping agents, personalization, and agentic commerce infrastructure.
And if you want to better understand this new industry, you can download our pitch covering the AI shopping market.
Insights
- The AI shopping market raised $214.86 million across 16 rounds, but the ten largest rounds captured $200 million, or 93.1% of all disclosed capital.
- Gensmo's $60 million round represented 70.6% of Q2 2025 funding, so the strongest quarter depended more on one deal than broad activity.
- Q1 2026 produced six deals, twice the count of any other quarter, making it the clearest sign that AI shopping funding was broadening.
- Consumer AI shopping agents raised $114.56 million, or 53.3% of total funding, showing that investors still value direct ownership of shopper attention.
- Agentic commerce infrastructure attracted four deals but only $21.9 million, suggesting strong activity while most companies remain at an early funding stage.
- Phia raised $43 million across two consecutive quarters, making Phia the only repeat fundraiser and the clearest example of rapidly growing investor conviction.
- The average AI shopping funding round was $13.43 million, but removing each quarter's largest deal lowers the average to $7.52 million.
- Q2 2026 funding fell 79.3% from Q1 2026, yet three deals still showed activity across infrastructure and consumer shopping assistance.
- Only three investors appeared in more than one round, and two repeated investments were follow-on investments in Phia rather than bets across different startups.
This market map, featured in our AI shopping market deck, highlights top companies and startups in the AI shopping market
Summary table of the funding deals in the AI shopping market (last 5 quarters)
We define the AI shopping market as AI software that directly improves how consumers discover, evaluate, and select products in digital commerce journeys.
We include AI-powered product search, recommendations and personalization, ranking and merchandising, product advice and Q&A, and decision-support experiences that measurably influence purchase intent or conversion.
We exclude payments and fraud systems, fulfillment and logistics optimization, and general retail operations tools unless they are primarily used during the shopping discovery-to-decision experience.
You can also read our detailed analysis to understand how funding activity in the AI shopping market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the AI shopping market.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| Doji | Creates realistic AI avatars for virtual fashion try-ons and product discovery. | $14.0M | Q2 2025 |
| Alta | Recommends outfits, digitizes wardrobes, and helps shoppers find matching fashion products. | $11.0M | Q2 2025 |
| Gensmo | Turns style ideas into shoppable recommendations, mood boards, and virtual fashion try-ons. | $60.0M+ | Q2 2025 |
| Remark | Uses expert knowledge to answer product questions and guide complex shopping decisions. | $16.0M | Q3 2025 |
| Phia | Compares fashion products, prices, discounts, and resale values across shopping websites. | $8.0M | Q3 2025 |
| TextYess | Uses messaging-based AI sales agents to recommend products and guide purchases. | $2.8M | Q3 2025 |
| Onton | Searches retailer catalogs from text or visual ideas to find matching products. | $7.5M | Q4 2025 |
| Lookiero Outfittery Group | Combines AI recommendations with human stylists to create personalized clothing selections. | $19.9M | Q1 2026 |
| Spangle AI | Builds personalized ecommerce storefronts from each shopper's intent and context. | $15.0M | Q1 2026 |
| Phia | Helps fashion shoppers compare products, prices, and resale values across thousands of websites. | $35.0M | Q1 2026 |
| Made With Intent | Predicts buying intent and changes each visitor's ecommerce experience in real time. | $3.2M | Q1 2026 |
| Cernel | Structures product data so AI agents can compare and recommend products accurately. | $4.7M | Q1 2026 |
| Era | Makes brand product information understandable and visible to AI shopping assistants. | $1.4M | Q1 2026 |
| ReFiBuy | Improves product catalogs so AI shopping agents can evaluate and recommend each item. | $13.6M | Q2 2026 |
| ShopAgentic | Prepares merchant catalogs and shopping journeys for purchases started by AI agents. | $2.2M | Q2 2026 |
| Zave | Compares prices and gives Indian shoppers AI-generated product recommendations. | $0.56M | Q2 2026 |
In our AI shopping market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the AI shopping market changed over time?
Q2 2025 raised the most capital at $85 million, but Gensmo alone provided $60 million, or 70.6% of the quarter.
Q4 2025 was the least active quarter because Onton was the only qualifying deal, raising $7.5 million.
Q2 2026 funding fell 79.3% from Q1 2026 and was 80.8% lower than Q2 2025.
Removing the largest deal from every quarter makes Q1 2026 the strongest period, with $44.2 million remaining across five rounds. The same adjustment leaves only $2.76 million in Q2 2026, showing that underlying activity also slowed.
| Quarter | Number of deals | Total raised | Comment |
|---|---|---|---|
| Q2 2025 | 3 | $85.0M | Gensmo supplied 70.6% of funding, so one unusually large round made the quarter look much stronger. |
| Q3 2025 | 3 | $26.8M | Three deals created a wider spread, although Remark still represented almost 60% of the quarter's funding. |
| Q4 2025 | 1 | $7.5M | Only Onton announced a qualifying round, making this the quietest quarter by deal count and capital. |
| Q1 2026 | 6 | $79.2M | Six deals across several categories made Q1 2026 the broadest and most diverse quarter in the period. |
| Q2 2026 | 3 | $16.4M | ReFiBuy supplied 83.1% of funding, while the other two rounds together raised only $2.76 million. |
| All quarters | 16 | $214.9M | Sixteen qualifying AI shopping funding rounds were announced across the five-quarter period. |
This chart, featured in our AI shopping market deck, shows why Constructor is winning in AI shopping
Which startups in the AI shopping market raised the largest rounds over the last months?
These startups raised the largest recent rounds in the AI shopping market:
- Gensmo raised more than $60 million to build AI models, expand visual shopping tools, and scale a broad consumer fashion platform.
- Phia raised $35 million to improve taste-based recommendations, personalized rewards, community features, and fashion retailer coverage.
- Lookiero Outfittery Group raised approximately $19.9 million to improve personalization, combine two styling platforms, and grow across twelve European markets.
- Remark raised $16 million to recruit more specialists, create additional product experts, and enter more complex ecommerce categories.
- Spangle AI raised $15 million to develop personalized storefront technology, expand its team, and serve more large retailers.
- Doji raised $14 million to improve avatar realism, add more fashion products, and grow its consumer virtual try-on experience.
- ReFiBuy raised $13.6 million to expand its catalog intelligence platform, strengthen distribution, and support more retailers.
- Alta raised $11 million to develop its personal styling agent, expand its product catalog, and attract more fashion shoppers.
- Phia raised $8 million to hire across engineering, AI, product, and marketing while adding more fashion retailers.
- Onton raised $7.5 million to move beyond home furnishings, improve product search, and expand its team and retailer coverage.
And, yes, we do cover most of them in our beautiful pitch about the AI shopping market.
You may also want to check our ranking of the most funded startups in the AI shopping market as well as our list of the most valued startups.
This chart, featured in our AI shopping market deck, illustrates yearly funding for AI shopping startups
Is the AI shopping market shifting toward smaller or bigger deals?
The average AI shopping funding round was $13.43 million across the five quarters, but a few large rounds lifted this figure significantly.
Average deal size ranged from $5.45 million in Q2 2026 to $28.33 million in Q2 2025. Gensmo's $60 million round explains much of this difference.
Removing the largest round from each quarter lowers the AI shopping market average to $7.52 million, showing that typical deals were much smaller.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 3 | $28.33M | 0 | 1 |
| Q3 2025 | 3 | $8.93M | 0 | 0 |
| Q4 2025 | 1 | $7.50M | 0 | 0 |
| Q1 2026 | 6 | $13.20M | 1 | 0 |
| Q2 2026 | 3 | $5.45M | 1 | 0 |
| All quarters | 16 | $13.43M | 2 | 1 |
This chart, featured in our AI shopping market deck, compares the main business model options for AI shopping assistants
How concentrated was funding activity in the AI shopping market?
AI shopping funding was highly concentrated because the largest deal captured at least 44.2% of every quarter and more than 80% in two quarters. Across the full period, the ten largest rounds represented 93.1% of disclosed funding.
Q1 2026 had the lowest top-one share, but its three largest rounds still captured 88.3% of the quarter's AI shopping funding.
| Quarter | Number of deals | Top 1 share | Top 3 share | Top 10 share |
|---|---|---|---|---|
| Q2 2025 | 3 | 70.6% | 100.0% | 100.0% |
| Q3 2025 | 3 | 59.7% | 100.0% | 100.0% |
| Q4 2025 | 1 | 100.0% | 100.0% | 100.0% |
| Q1 2026 | 6 | 44.2% | 88.3% | 100.0% |
| Q2 2026 | 3 | 83.1% | 100.0% | 100.0% |
| All quarters | 16 | 27.9% | 53.5% | 93.1% |
This chart, featured in our AI shopping market deck, shows how market revenue is split across customer segments in the AI shopping market
Which categories in the AI shopping market received the most funding?
Consumer shopping agents raised $114.56 million, or 53.3% of total AI shopping funding. Investors continued backing consumer interfaces that could influence product choices and control shopper attention.
Personalization platforms raised $38.1 million, or 17.7% of the total. This category offers retailers a clear benefit because more relevant shopping experiences can improve conversion.
Agentic commerce infrastructure raised $21.9 million, or 10.2% of the total. Four separate deals show that merchants increasingly need product data that AI shopping agents can understand.
| Category | Number of deals | Total raised | Startups and amount |
|---|---|---|---|
| Shopping agents | 5 | $114.56M | Gensmo ($60.0M), Alta ($11.0M), Phia ($8.0M and $35.0M), and Zave ($0.56M) |
| Personalization | 3 | $38.10M | Lookiero Outfittery Group ($19.9M), Spangle AI ($15.0M), and Made With Intent ($3.2M) |
| Agentic commerce infrastructure | 4 | $21.90M | Era ($1.4M), Cernel ($4.7M), ReFiBuy ($13.6M), and ShopAgentic ($2.2M) |
This chart, featured in our AI shopping market deck, shows how AI shopping assistant technology has evolved over time
Who are the biggest investors in the AI shopping market?
Kleiner Perkins participated in two Phia rounds worth $43 million in total, making the firm one of the most active disclosed AI shopping investors.
eBay Ventures also participated in both Phia rounds, connecting eBay's commerce experience with a consumer fashion shopping agent.
NewRoad Capital Partners participated in two rounds worth $28.6 million across Spangle AI and ReFiBuy, giving NewRoad the broadest recurring company coverage.
Only these three investors appeared in more than one qualifying round, so the table contains three investors rather than ten.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded | Startups |
|---|---|---|---|
| Kleiner Perkins | 2 | $43.0M | Phia seed and Phia Series A |
| eBay Ventures | 2 | $43.0M | Phia seed and Phia Series A |
| NewRoad Capital Partners | 2 | $28.6M | Spangle AI and ReFiBuy |
This chart, featured in our AI shopping market deck, shows how personalized commerce has driven growth in the AI shopping market over time
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