US-based smart shopping platform Checkmate has received a $5m investment in a seed funding round led by Fuel Capital.

The company plans to use the funding to expedite its product development and customer growth.

Former Rakuten CEO Kevin Johnson took part in the funding round, as well as f7 Ventures, Blackbird Ventures, Scribble Ventures, Hyper, Susa Ventures, Liquid 2 Ventures, Wischoff Ventures, Exits Capital and Night Capital.

Also contributing were Ancestry CEO Deborah Liu, Firstbase CEO Chris Herd and XMTP co-founder and president Shane Mac.

Based in San Francisco, California, Checkmate enables users to discover brands, apply savings and manage their orders post-purchase.

The company was found to help users save more than 27% on average, compared with around 15% using traditional savings apps during a testing phase.

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By GlobalData

It formally launched its personalised tool earlier this year.

Available as both a mobile app/extension and laptop extension, Checkmate also enables users to track packages and manage their gift cards through a dashboard.

The platform also helps retailers and brands attract new customers and build long-term customer relationships.

Checkmate CEO and co-founder Harry Dixon said: “With record-high inflation, economic uncertainty and a volatile stock market, consumers are looking to save wherever they can.

“At the same time, skyrocketing digital ad costs mean retailers and brands need new ways to establish and build their own customer relationships.

“We’re extremely proud to partner with this prestigious group of investors as we roll out a delightful product that helps smart shoppers save, while helping brands drive conversion and loyalty.”

Fuel Capital founding partner Chris Howard said: “Checkmate is a tool purpose built to respond to current market dynamics and provide significant value to brands.

“We’re highly confident in the Checkmate team and are excited to support the company as it continues to provide significant value to brands and marketing teams.”