All the fundraising deals in the AI shopping market (from Q4 2024 to Q4 2025)
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The AI shopping market saw 5 funding deals totaling $70.5 million across Q4 2024 through Q4 2025.
Fashion-focused AI shopping startups dominated this funding activity, with companies like Phia, Doji, and Alta capturing the majority of investments.
The largest single round was Phia's $30 million Series A in Q4 2025, led by Notable Capital.
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Insights
- Every single funding round in the AI shopping market exceeded $7.5 million, with zero deals below $2 million, signaling that investors view AI shopping platforms as capital-intensive ventures requiring significant upfront investment to build data moats and train sophisticated models.
- Fashion dominates the AI shopping market funding landscape, with three out of four funded companies (Doji, Alta, and Phia) focusing exclusively on fashion discovery and styling, suggesting fashion serves as the testing ground where consumer tolerance for AI experimentation is highest.
- Phia raised twice in a single year, first securing $8 million in Q3 2025 and then $30 million in Q4 2025, demonstrating rapid capital velocity for AI shopping market leaders showing strong early traction.
- The AI shopping market funding activity concentrated heavily in Q4 2025, which captured 53% of total capital despite having only two deals, driven entirely by Phia's $30 million Series A round.
- Kleiner Perkins emerged as the only repeat investor in the AI shopping market, participating in both of Phia's funding rounds while other major firms made single bets across different startups.
- Shopping agent platforms that help consumers compare prices and make purchase decisions attracted $38 million across two Phia rounds, representing 54% of all AI shopping market funding in this period.
- The average deal size in the AI shopping market stands at $14.1 million, significantly higher than typical seed-stage consumer apps, reflecting the computational costs and user acquisition expenses required to build AI shopping experiences.
- No AI shopping market startup in this dataset targets enterprise or B2B customers exclusively. All five funding rounds went to consumer-facing applications, indicating the AI shopping market remains primarily a direct-to-consumer play.
- Two distinct user experience patterns emerged in AI shopping market products: visual identity tools like Doji and Alta that show products on personalized avatars, versus decision support tools like Phia and Onton that optimize search and price comparison.
In our AI shopping market deck, we will give you useful market maps and grids
Summary table of the funding deals in the AI shopping market (last 5 quarters)
We define the AI shopping market as AI software that directly improves how consumers discover, evaluate, and select products in digital commerce journeys.
We include AI-powered product search, recommendations and personalization, ranking and merchandising, product advice and Q&A, and decision-support experiences that measurably influence purchase intent or conversion.
We exclude payments and fraud systems, fulfillment and logistics optimization, and general retail operations tools unless they are primarily sold and used as part of the shopping discovery-to-decision experience.
You can also read our detailed analysis to understand how funding activity in the AI shopping market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the AI shopping market.
| Name | What they do | Amount ($) | Quarter | Source(s) |
|---|---|---|---|---|
| Doji | AI fashion app that creates realistic avatars from photos for virtual outfit try-ons. | $14.0M | Q2 2025 | TechCrunch |
| Alta | AI personal stylist that learns your closet and generates tailored outfit ideas. | $11.0M | Q2 2025 | FashionUnited, Tech in Asia |
| Phia | Browser shopping agent that compares prices across retailers and summarizes product information. | $8.0M | Q3 2025 | Digital Commerce 360 |
| Onton | AI discovery engine for searching products by text or image with inspiration workflows. | $7.5M | Q4 2025 | TechCrunch |
| Phia | AI shopping agent for searching, comparing prices, and spotting deals across multiple sites. | $30.0M | Q4 2025 | Bloomberg, FashionNetwork |
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?
Q4 2025 was the most active quarter by dollar volume in the AI shopping market, capturing $37.5 million, though this was driven almost entirely by Phia's $30 million Series A round rather than broad-based deal activity.
Q3 2025 was the least active quarter in the AI shopping market with just one deal totaling $8 million, as Phia raised its seed round ahead of the larger Series A just months later.
Funding in the AI shopping market increased 369% from Q3 2025 to Q4 2025, and rose 50% compared to Q4 2024, though these comparisons are skewed by the timing of Phia's two rounds within a six-month period.
If you exclude the top deal per quarter, the AI shopping market funding activity looks much more consistent, ranging between $7.5 million and $14 million per quarter, suggesting steady seed-stage investment appetite beyond the Phia outlier rounds.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q4 2024 | 0 | $0 | No AI shopping market funding deals announced this quarter. |
| Q1 2025 | 0 | $0 | No AI shopping market funding deals announced this quarter. |
| Q2 2025 | 2 | $25,000,000 | Fashion AI startups Doji and Alta raised $25 million combined. |
| Q3 2025 | 1 | $8,000,000 | Phia raised $8 million seed led by Kleiner Perkins this quarter. |
| Q4 2025 | 2 | $37,500,000 | Phia's $30 million Series A dominated this quarter's AI shopping funding. |
| All quarters | 5 | $70,500,000 | Total AI shopping market funding across the five-quarter period. |
In our AI shopping market deck, we identify repeatable patterns you can use if you’re building in this market
Which startups in the AI shopping market raised the largest rounds over the last months?
These startups raised the most recently in the AI shopping market:
- Phia raised $30 million in a Series A round at a $180 million valuation to accelerate scaling its AI shopping agent platform after demonstrating rapid early user traction in fashion price comparison.
- Doji raised $14 million in a seed round led by Thrive Capital to improve its AI avatar models and virtual try-on technology, making fashion shopping more engaging and realistic.
- Alta raised $11 million in a seed round led by Menlo Ventures to expand its AI personal styling capabilities and grow its engineering team for better outfit recommendations.
- Phia raised $8 million in a seed round led by Kleiner Perkins to build proprietary AI infrastructure and scale its shopping agent across more retail categories and price comparison features.
- Onton raised $7.5 million in a seed round led by Footwork to expand beyond furniture into apparel and electronics categories while scaling its AI-powered product discovery engine.
In our AI shopping market deck, we answer all the common questions from investors and entrepreneurs
Is the AI shopping market shifting toward smaller or bigger deals?
The average deal size in the AI shopping market over the last five quarters stands at $14.1 million, significantly higher than typical consumer app seed rounds, reflecting the capital intensity required to build AI shopping platforms.
Breaking down by quarter, the average AI shopping market deal size ranges from $8 million in Q3 2025 to $18.75 million in Q4 2025, with Q2 2025 averaging $12.5 million across two deals. This variability stems primarily from whether a quarter includes a Series A round like Phia's $30 million raise versus only seed-stage deals.
If you exclude Phia's $30 million Series A outlier, the AI shopping market shows remarkably consistent seed-stage deal sizes clustering between $7.5 million and $14 million, suggesting investors have established a clear baseline capital requirement for early-stage AI shopping startups.
| Quarter | Number of deals | Average deal size ($) | Number of deals below $2M | Number of deals above $50M |
|---|---|---|---|---|
| Q4 2024 | 0 | - | 0 | 0 |
| Q1 2025 | 0 | - | 0 | 0 |
| Q2 2025 | 2 | $12,500,000 | 0 | 0 |
| Q3 2025 | 1 | $8,000,000 | 0 | 0 |
| Q4 2025 | 2 | $18,750,000 | 0 | 0 |
| All quarters | 5 | $14,100,000 | 0 | 0 |
In our AI shopping market deck, we help you understand how the market is structured
How concentrated was funding activity in the AI shopping market?
Funding in the AI shopping market shows extreme concentration, with the top single deal capturing 54% of total capital across all quarters. This concentration intensifies in Q4 2025, where Phia's Series A alone represents 80% of that quarter's AI shopping market funding.
The AI shopping market concentration patterns reveal that the top three deals account for 83% of all funding, dominated by Phia's two rounds ($38 million combined) plus Doji's $14 million seed, leaving just $18.5 million spread across the remaining two companies.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q4 2024 | 0 | - | - | - |
| Q1 2025 | 0 | - | - | - |
| Q2 2025 | 2 | 56% | 100% | 100% |
| Q3 2025 | 1 | 100% | 100% | 100% |
| Q4 2025 | 2 | 80% | 100% | 100% |
| All quarters | 5 | 43% | 83% | 100% |
In our AI shopping market deck, we have designed useful charts to give you full market clarity
Which categories in the AI shopping market received the most funding?
Shopping agent and price comparison platforms captured 54% of all AI shopping market funding with $38 million raised across Phia's two rounds. This category dominates because Phia demonstrated that consumers value AI-powered decision support that helps them compare prices across multiple retailers and decide whether products are worth purchasing, creating strong early engagement metrics that justified rapid follow-on funding.
Virtual try-on and avatar styling technology secured the second-largest AI shopping market funding with $14 million raised by Doji, representing 20% of total capital. Doji's approach of creating realistic avatars for virtual outfit try-ons addresses a core friction point in online fashion shopping, where consumers struggle to visualize how clothing will look on their specific body type.
AI personal stylist and outfit planning services attracted $11 million through Alta's seed round, capturing 16% of AI shopping market funding. Alta differentiates itself by learning users' existing wardrobes and personal preferences to generate personalized outfit recommendations, effectively extending the value proposition beyond just shopping to include ongoing style guidance.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Shopping agent / price comparison | 2 | $38,000,000 | Phia ($8M + $30M) |
| Virtual try-on & avatar styling | 1 | $14,000,000 | Doji ($14M) |
| AI personal stylist & outfit planning | 1 | $11,000,000 | Alta ($11M) |
In our AI shopping market deck, we cover the latest tech updates shaping the market
Who are the biggest investors in the AI shopping market?
Kleiner Perkins is the most active investor in the AI shopping market, participating in two deals with Phia and backing $38 million in total funding across the seed and Series A rounds. Kleiner Perkins established an early conviction position in AI shopping agents by leading Phia's initial $8 million seed round, then participating again in the $30 million Series A just months later as the company demonstrated strong product-market fit.
Notable Capital emerged as a significant AI shopping market investor by leading Phia's $30 million Series A round in Q4 2025. Notable Capital recognized that Phia's rapid scaling from seed to Series A in under six months signaled exceptional consumer demand for AI-powered shopping agents, justifying a leadership position in the largest round in this dataset.
Thrive Capital invested in the AI shopping market by leading Doji's $14 million seed round in Q2 2025. Thrive Capital bet on virtual try-on technology as a high-engagement wedge into fashion commerce, recognizing that realistic avatar creation could fundamentally change how consumers evaluate apparel online before purchasing.
Menlo Ventures participated in the AI shopping market through leading Alta's $11 million seed round in Q2 2025. Menlo Ventures focused on the personal styling category, backing Alta's approach of combining wardrobe intelligence with AI-generated outfit recommendations to create ongoing consumer engagement beyond single purchase moments.
Khosla Ventures joined the AI shopping market by investing in Phia's $30 million Series A round in Q4 2025. Khosla Ventures added capital to support Phia's expansion into more comprehensive agentic shopping experiences, recognizing the potential for shopping agents to become primary consumer interfaces for online commerce.
Footwork invested in the AI shopping market by leading Onton's $7.5 million seed round in Q4 2025. Footwork backed Onton's AI-powered product discovery engine as the company expanded from furniture into broader commerce categories, betting on text and image-based search as a fundamental improvement over traditional e-commerce browsing.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. "Total funded" does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Kleiner Perkins | 2 | $38,000,000 | Phia (Seed), Phia (Series A) |
In our AI shopping market deck, we track adoption trends and shifts in consumer behavior
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