CommerceIQ, a Palo Alto, CA-based algorithmic platform for consumer brands to grow their e-commerce business, closed a $60M Series C funding round.
The round was led by Insight Partners, with participation from Trinity Ventures, Shasta Ventures, and Madrona Venture Group. In conjunction with the funding, Nikitas Koutoupes, Managing Director at Insight Partners, will be joining CommerceIQ’s board.
The company intends to use the funds for international expansion and product research and development focused on further maximizing brand revenue and profitability on Amazon, Walmart, Instacart, Target and other online marketplaces.
Led by Guru Hariharan, CEO, CommerceIQ leverages machine learning, analytics and automations to optimize the e-commerce channel across supply chain, marketing and sales operations functions to win the consumer at the moment of purchase and drive profitable market share growth. The solution combines multiple functions – sales, advertising, supply chain operations – and drives large scale automations across the e-commerce operation. CommerceIQ has been adopted by has more than 2,200 brands including giants such as Kellogg’s, Nestle, Colgate-Palmolive and Spectrum Brands.
FinSMEs
22/06/2021