[Funding alert] Algorithmic ecommerce platform CommerceIQ closes $60M Series C round led by Insight Partners
Algorithmic platform CommerceIQ on Tuesday announced the closing of a $60 million Series C funding round. This round was led by Insight Partners, the venture capital and private equity firm behind market-changing brands like Shopify, Twitter, Hello Fresh, and Wix, among others. Existing investors, including Trinity Ventures, Shasta Ventures, and Madrona Ventures, also participated in the round.
The round will fund international expansion and product research and development focused on further maximising 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, it stated.
Founded in 2012 by Guru Hariharan, CommerceIQ leverages machine learning, analytics, and automation to optimise the ecommerce channel across supply chain, and marketing and sales operations functions to win the consumer at the moment of purchase and drive profitable market share growth.
Guru Hariharan, CEO of CommerceIQ, said,
“With a 40 percent growth in ecommerce this year alone, it is imperative that brands apply automation and machine learning to manage their business online. 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 ecommerce, 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.
Nikitas Koutoupes, Managing Director at Insight Partners, who will be joining CommerceIQ’s board, said, “It is not necessarily obvious that most of digital commerce is thriving through indirect channels, like Amazon, Walmart and the like, with only 15 percent 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's share of the ecommerce market in a post-pandemic world. We couldn’t be more excited to welcome CommerceIQ to the Insight portfolio.”
Currently, the company claims to have more than 2,200 brands that use the technology daily to increase share of voice (20 percent on average), pump up incremental sales (40 percent on average), and enhance profitability (20 percent on average).
CommerceIQ has raised $81 million to date, which portends its future growth as the category leader for algorithmic ecommerce management.
Headquartered in Mountain View, CA, the brand maintains a significant India presence, with more than 110 of its team members employed in its Bangalore location.