With a $115 million Series D fund raising driven by SoftBank Vision Fund 2, retail e-commerce management platform CommerceIQ has become a unicorn. The fund raise was valued at $1 billion, according to the corporation. CommerceIQ had raised $60 million in a Series C round in June 2021, increasing the total funding raised in the last 12 months to $175 million.
Other investors who took part in the current round were Insight Partners, Trinity Ventures, Shasta Ventures and Madrona Venture Group. CommerceIQ will use the funds to expand its business globally, including in India, and to accelerate the development of its unified Retail Ecommerce Management Platform, which connects and automates data and decisions across the entire ecommerce stack to power intelligent, profitable growth for leading global brands, according to the company.
The investment will also help CommerceIQ expand its workforce in India, including in software development, data science and analytics, product operations, and customer support, according to the company.
CommerceIQ has modified its algorithmic components to optimally adapt to buyers’ behaviour on local stores like Amazon and introduced support for local websites like Flipkart as part of a recently announced go-to-market expansion to service brands in the Indian market. The Bengaluru office already employs over 150 employees, with that number likely to almost double by the end of the year.
Posted by Next Big Brand on Monday, March 21, 2022
“As e-commerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online”, said Priya Saiprasad, Partner at SoftBank Investment Advisers. “We believe that CommerceIQ can provide companies with a substantial edge by harnessing the power of algorithms and automation to supercharge their online presence. We are delighted to partner with Guru and the team on their mission to help brands win in e-commerce,” Saiprasad added.
CommerceIQ aggregates data across sales, marketing, and supply chain operations using machine learning, analytics, and automation, assisting trusted businesses in gaining shoppers at the point of purchase and maintaining customers ’ loyalty. CommerceIQ’s platform technology was created at the company’s Bengaluru headquarters.
“Our mission is to empower brands to move from analog to algorithms. Winners in this new era of commerce will be determined by how fast they can reinvent their business from siloed and manual to fully connected and automated. And our customers are winning big, with an average revenue growth of 18 per cent, driven by real-time optimizations that boost share-of-voice (SOV), minimize out-of-stock (OOS), and prevent revenue leakage,” shared Guru Hariharan, CEO of CommerceIQ.
CommerceIQ, based in California, is the platform of choice for the world’s leading first-party (1P) merchants on retail e-commerce channels, including Kellogg’s, Mondelez International, Nestle, Whirlpool, and Colgate. CommerceIQ closed off the year doubling year-over-year revenue, doubling clients served, and doubling headcount across every department in the United States and India, following a successful Series C investment round in the first half of 2021.
