Lithuanian AI startup AskToSell has successfully secured €100K in a pre-seed funding round led by Startup Wise Guys and Specialist VC. The company intends to utilize these funds to roll out an innovative sales automation solution tailored for small and medium-sized enterprises (SMEs). Notably, Startup Wise Guys had previously invested in another venture founded by AskToSell’s co-founders, Laimonas Noreika and Karolis Januškas, called ZITICITY. This prior partnership appears to have instilled confidence in AskToSell’s team, leading to their continued support.
Cristobal Alonso, the CEO of Startup Wise Guys Global, expressed his admiration for the founders, stating, “Seeing their grit and teamwork, we were sure we’d invest in any new venture they build.” He further emphasized the potential of AskToSell, highlighting its capacity to address significant challenges within the sales automation sector for SMBs.
The AskToSell advantage
ZITICITY played a pivotal role in inspiring the development of AskToSell. Noreika and Januškas, while growing ZITICITY, recognized that SMEs face unique challenges due to their reliance on closing numerous smaller deals to cover operational costs. However, this high volume approach often leads to sales team burnout and inflated customer acquisition costs, which can jeopardize the financial stability of the business. AskToSell has stepped in to address this issue by offering a platform that harnesses AI technology to perform the tasks typically handled by human sales representatives. This includes product pitches, lead outreach, objection handling, and deal closures.
Laimonas Noreika of AskToSell pointed out that sales representatives are typically burdened by repetitive tasks and transactional sales processes. Implementing AskToSell, he asserted, would not only alleviate this burden but also enable sales reps to concentrate on more substantial deals. The startup claims that its platform delivers “superhuman-like performance,” resulting in a substantial reduction in customer acquisition costs, ranging from 10 to 30 times less compared to traditional methods. This, in turn, ensures healthier unit economics for businesses.
Furthermore, AskToSell’s deployment of automated agents resolves several common issues encountered in traditional sales processes, such as the failure to follow up on leads promptly and the difficulty of meeting activity goals. Additionally, companies can circumvent the time-consuming recruitment process for sales representatives when the need for scaling arises.
AskToSell asserts that customers can activate its platform within minutes, with the primary tasks being defining product offerings, uploading leads, and assigning automated agents. Sales representatives need only approve offers and allow the AI agents to autonomously handle the work.
In Europe, small and medium-sized businesses account for approximately 99 percent of the region’s economy and employ over 100 million workers while contributing significantly to half of Europe’s gross domestic product. The European Union has been actively encouraging these SMEs to transition towards a digital and sustainable economy. However, data from the previous year indicates that only 30 percent of micro-enterprises have taken steps to enhance their digitalization, including automation. This situation has left these smaller enterprises lagging behind their larger counterparts in terms of competitiveness.
Several barriers deter SMEs in Europe from automating their business processes, one of which is the perception that AI technologies are prohibitively expensive. Consequently, these businesses require affordable solutions to facilitate the automation of their operations, particularly within the realm of sales.
Addressing SME Automation Barriers
According to AskToSell, automating and personalizing sales processes not only supports increased revenue growth but also allows companies to focus on their core activities, such as product development and customer service. This strategic shift enables them to offer more innovative products, maintain customer loyalty, and enhance overall profitability.
AskToSell’s successful pre-seed funding round marks a significant milestone for the Lithuania-based AI startup. Their mission to provide cost-effective sales automation solutions tailored to the unique needs of SMEs in Europe aligns with the region’s aspirations for digitalization and sustainability. With the backing of esteemed investors like Startup Wise Guys and Specialist VC, AskToSell is poised to make a meaningful impact on the sales automation landscape, empowering small and medium-sized businesses to thrive in an increasingly competitive market.