[Funding alert] With $115M in Series D funding, CommerceIQ enters unicorn club
CommerceIQ has raised $115 million from Softbank Vision Fund 2. The startup aims to globally expand its business.
Monday March 21, 2022,
3 min Read
Retail ecommerce management platformtoday announced the closing of a $115 million in Series D funding, bringing the company’s total valuation to more than $1 billion. The new funding follows CommerceIQ’s $60 million Series C round in June 2021, bringing the total funding in the last 12 months to $175 million.
The new funding was led by Softbank Vision Fund 2, and saw participation from existing institutional investors - Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group.
This investment will be used to expand CommerceIQ’s business globally, including 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 team at CommenceIQ.
The investment will also fuel accelerated hiring for CommerceIQ in India, including expansion across software development, data science and analytics, product operations, and customer support.
In a conversation with YourStory, Prasun Kumar – VP Engineering and Head of India Operations, CommerceIQ said,
“The Series D funding will help accelerate product investments that empower brands to transform online retail from analog to algorithms. We intend to scale our operations with key hires in engineering for leading-edge skills in data science, artificial intelligence (AI), machine learning (ML), and natural language processing (NLP).”
With this investing, Priya Saiprasad, Partner at Softbank Investment Advisors, will be joining the company’s board of directors. She said,
“As ecommerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online. 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 ecommerce.”
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.
“When Guru started CommerceIQ, he had realised that many online players didn't have the might and spending power as Amazon to build a supply chain network. The idea was to ensure that every ecommerce company has easy access to a better supply chain,” explained Prasun.
Based in California, USA, CommerceIQ is known as the platform of choice for the largest first-party (1P) sellers on retail ecommerce channels, including Kellogg’s, Mondelez International, Nestle, Whirlpool, Colgate, and Johnson & Johnson.
CommerceIQ closed out the year doubling year-over-year revenue, customers served, and headcount across every department in the US and India.
Guru Hariharan, CEO of CommerceIQ, said, “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 percent, driven by real-time optimisations that boost share-of-voice (SOV), minimise out-of-stock (OOS), and prevent revenue leakage.”
“We are beyond grateful to our investment partners for their support that will enable us to quickly scale and address the urgent needs of large consumer brands to unlock their full potential. By providing intelligent automation across the entire ecommerce stack, CommerceIQ will become even more critical for brands to grow their market share and profitability,” he added.
Edited by Anju Narayanan