Why We Invested · Mercury Fund
Why the firm invested
Mercury issued a term sheet quickly because Pie directly matched their pre-existing investment thesis on the local commerce attribution gap.
When we learned of what would eventually become Pie, we weren’t learning the problem for the first time. We already had a thesis around the local commerce gap and a clear view of why the attribution problem had never been solved at this layer.
Market
Pie addresses an initial market estimated at $25B-$50B, with a long-term expanded vision exceeding $100B.
The closed-loop growth platform Pie is building today addresses an initial market we estimate at $25-$50 billion.
Product
Pie simplifies Google Ads campaign creation for SMBs from 18 steps down to 5 using POS data and AI.
Pie compresses Google Ads campaign setup from 18 steps to 5, generating relevant campaigns in minutes with no expertise required.
Pie connects advertising data with POS data to deliver automatic and precise attribution of in-store customer visits.
Because Pie manages both the advertising and the POS data, the attribution is automatic and precise.
Pie's AI Front Desk automatically answers inbound calls 24/7 and books appointments for local businesses.
Pie’s AI Front Desk answers inbound calls around the clock and books appointments automatically, capturing the 62% of calls local businesses currently miss.
Traction
Early customers of Pie achieve an average 7x return on ad spend with full attribution visibility.
Early customers are seeing an average 7x return on ad spend, with full visibility into exactly why.
Team
Pie's co-founders previously worked together on Toast's New Business Solutions team and launched three scaling products.
Together, their team built and launched three scaling products at Toast, including two first-to-market AI products.
Investment context
Pie successfully closed a $19.5 million Series A funding round.
Congratulations to them on closing a $19.5M Series A!
What founders can learn
- What actually moved the decision: Mercury Fund wrote that Mercury issued a term sheet quickly because Pie directly matched their pre-existing investment thesis on the local commerce attribution gap.
- The traction evidence that carried weight: Mercury Fund wrote that Early customers of Pie achieve an average 7x return on ad spend with full attribution visibility.
- How the team was judged: Mercury Fund wrote that Pie's co-founders previously worked together on Toast's New Business Solutions team and launched three scaling products.
- How the market was framed: Mercury Fund wrote that Pie addresses an initial market estimated at $25B-$50B, with a long-term expanded vision exceeding $100B.
Source and provenance
Why We Invested published by Mercury Fund on mercuryfund.com (first-party source). Read the original
