Threedium sets sights on US market: A Cyprus Success Story in the Making
How five young entrepreneurs took their startup to the next level
(FOR IMMEDIATE RELEASE)--In April of 2017, five ambitious tech enthusiasts fresh out of university, of whom two were Cypriot, had a vision: to bridge the gap between online and in-store experiences by building a solution that would help customers better understand and evaluate the products they were browsing to buy.
Like many small startups with big ideas, early funding was crucial, and it came in the form of support from a partnership with Kinisis Ventures, a business acceleration firm known for partnering with Cypriot ventures. Today, Threedium has a team of 30 people operating from three different countries, and is set to expand its footprint to the US market.
“When we first started out,” explains Threedium CEO Mike Charalambous, “we formed Frenzi Media, an ad platform that enabled agencies to build and launch interactive ad units across the web. Like many other startups in Cyprus at the time, we worked hard to secure early funding. We were also aware of the plight that befell many of the island’s promising startups, which lost steam after their first funding boost, and ultimately disappeared. We were determined not to let that happen to us.”
In 2018, Frenzi Media turned their sights to the UK, and merged with Threedium to form a powerful entity with a mission to democratize immersive 3D and AR tech for all brands and agencies, making it easily available and inexpensive for all. A mere year later, in July 2019, the team launched their SaaS 3D Platform and began onboarding big name clients such as Johnson & Johnson, Publicis, Diageo and Sainsbury’s. Clients who used the platform to create interactive 3D and AR product displays for their online stores began to notice a major shift in their online user engagement.
“We were making waves,” says Mike. “Clients were seeing up to 160% increases in their online user engagement, and a 40% rise in conversions. Our aim was to make immersive shopping experience tools accessible, affordable, and easy-to-build for anyone, regardless of their level of tech and creative ability. And what we were doing was working. So much so in fact, that we raised our seed round of €1M at a €5M valuation, and attracted the attention of major VCs and Angel Investors. Today, we’re in the process of raising our next capital round at a valuation of €10M.”
The Ultimate Success Story
Many startups find themselves floundering after an initial good idea. So what propelled Threedium to the levels of success it enjoys today?
Co-founder of Kinisis Ventures, Andreas Panayi, explains what drew him to these young entrepreneurs in the first place: “The team behind Threedium was more than just a group of tech enthusiasts with a good idea. They were go-getters and boundary-pushing innovators, who were also laser-focused on generating revenue right from the start. Not only did they have a service that disrupts the ecommerce space and resonates with people, they also engaged partners and investors who believed in them and supported them in their success. It just goes to show how smart, competent entrepreneurs in Cyprus really can achieve great things with the right tools and right partnerships at their disposal. I’m excited to see Threedium move onto the next phase in their journey; joining the big leagues in the US market, particularly with their latest strategic step of adding a powerhouse CMO based in the US to help them expand their reach in the region.”
Today, hundreds of businesses use Threedium technology daily to power their online presence. More than 5000 3D and AR Product Viewers have been published across the web by numerous big-name brands in the luxury, jewelry fashion and automotive industries, including Mercedes, JD Sports, Nestle, and Farfetch. The business doubled its valuation in less than twelve months, and continues to forge strong business partnerships with Google, Amazon, Shopify, Wordpress and several other key 3D Partners. Most recently, the company expanded its senior leadership team with the addition of Michael Toner; former VP of Marketing at Berkshire Hathaway’s Business Wire as Chief Marketing Officer to lead Threedium’s global marketing products as the company continues to bring its innovative 3D technology to the US market.
Headquartered in London, Threedium is a 3D company. We believe that democratising the creation and distribution of 3D/AR experiences represents our greatest opportunity to improve the way people buy and sell products.
For more information, visit threedium.co.uk