- Positions platform to be at the forefront of the e-commerce market, expected to hit $1.2 Trillion by 2024
- Funds will further improve offering to help leading consumer brands such as Kellogg’s, Nestle, Colgate-Palmolive and Spectrum Brands win online, and support rapid growth of its India operations
CommerceIQ, the algorithmic platform that helps consumer brands win in e-commerce, today announces the closing of a $60M Series C funding round. The round will fund international expansion and product research and development focused on further maximizing brand revenue and profitability on Amazon, Walmart, Instacart, Target and other online marketplaces. The company also intends to significantly scale its India operations, with additional key hires in Software and Product Development, Data Science & Analytics, Product Operations and Support.
“With a 40% growth in e-commerce this year alone, it is imperative that brands apply automation and machine learning to manage their business online,” said Guru Hariharan, CEO of CommerceIQ. “The tried and true methods that were perfected for brick and mortar simply do not work online. Our customers are using our platform to win in e-commerce, by harnessing real-time visibility to all aspects of the operation within a single source of truth to drive automations at scale.”
“The technology behind our award-winning platform was developed in India and our presence in the region is critical to sustaining our future growth. In the last two years in India alone, we have doubled our headcount and as we move forward, these operations will be a pillar of the overall growth of the company and our ability to deliver on our ambitious product roadmap. With such a talented and passionate team, we also expect India to be a cornerstone to our future market expansion into Asia-Pacific as a whole,” Hariharan added.
CommerceIQ is at the forefront of the e-commerce boom, experiencing triple digit growth over the last two years. Today it has more than 2,200 brands that use the technology daily to increase share of voice (20% on average), pump up incremental sales (40% on average) and enhance profitability (20% on average). The company has raised $81M to date, which portends its future growth as the category leader for algorithmic e-commerce management.
The funding round was led by Insight Partners, the venture capital and private equity firm behind market-changing brands Shopify, Twitter, Hello Fresh, and Wix, among others. Additional funding participation included existing investors: Trinity Ventures, Shasta Ventures, and Madrona Venture Group.
“We’re delighted to support CommerceIQ’s mission of fueling their customers’ e-commerce successes,” said Nikitas Koutoupes, Managing Director at Insight Partners who will be joining CommerceIQ’s board. “It is not necessarily obvious that most of digital commerce is thriving through indirect channels, like Amazon, Walmart and the like, with only 15% occurring through brands’ direct efforts. CommerceIQ’s unique focus on indirect channels is helping large brands deliver on the metrics that matter and win the lion share of the e-commerce market in a post-pandemic world. We couldn’t be more excited to welcome CommerceIQ to the Insight portfolio.”
CommerceIQ is the only industry solution that ties together multiple functions – sales, advertising, supply chain operations – and drives large scale automations across the e-commerce operation. Video on the platform and its impact is available here.
“Digital commerce is one of our key strategic priorities,” said Surabhi Pokhriyal, Worldwide Director, Global Digital Commerce at the Colgate-Palmolive Company. “We know that it is crucial to win the consumer at the moment of purchase. However, winning in e-commerce is unique and takes building a different muscle versus the traditional ways of doing business. To that end, we leverage artificial intelligence-led platforms like Commerce IQ to bring the best to bear for our online presence, enabling our teams to be more effective. Automation has helped us move away from manual processes to streamlined e-commerce operations, driving market share and profitability. We are eager to see newer functionalities that the CommerceIQ platform brings to us.”
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