US-based Australian startup Checkmate has raised $5 million in a seed round.

The increase was led by US VC Fuel Capital. Other investors include Kevin Johnson, the former CEO of Ebates at Rakuten, NFL Star Joe Montana’s Liquid 2 Ventures, Ancestry CEO Deborah Liu, Firstbase CEO Chris Herd, XMTP Co-Founder Shane Mac, f7 Ventures, Blackbird, Scribble Ventures, Hyper, Susa Ventures, Wischoff Ventures, Exits Capital and Night Capital.

The online shopping tool will use the money to buy p . to step upproduct development and user acquisition

checkmate is online shopping tool for users to discover brands, apply savings and manage orders after purchase. It works like a mobile app and PC Chrome extension to collect the best deals from a user’s personal e-mail and web, then apply them automatically at your online checkout.

Checkmate CEO and co-founder Harry Dixon said consumers are even more focused on saving amid rising inflation and interest rates.

“At the same time, the skyrocketing cost of digital advertising means retailers and brands need new ways to build and build their own customer relationships,” he said.

“We are extremely proud to partner with this prestigious group of investors to roll out a delicious product that will help savvy shoppers save money, while helping brands drive conversion and loyalty.”

Checkmate’s dashboard also stores and manages gift cards and tracks orders for customers. Users can also choose Checkmate to generate a unique “ghost email inbox” that subscribes them to the top 100 retail and brand mailing lists for deals without having to wade through offers in person. The platform then automatically applies all relevant deals from the inbox to users as they shop.

During the test phase, users were engaged with Checkmate 3.5 times a week and saved an average of more than 27% on the purchase, compared to about 15% with traditional savings apps.

Fuel Capital founder Chris Howard said that in Constantly increasing customer acquisition costs have pushed direct-to-consumer companies to personalized marketing.

“Checkmate is a tool built specifically to respond to current market dynamics and be a great value to brands,” he said.

“We have great confidence in the Checkmate team and are excited to support the company as it continues to deliver significant value to brands and marketing teams.”