CommerceIQ, a retail ecommerce management platform enters the unicorn club after raising US$115 million in its Series D funding round led by SoftBank Vision Fund 2.
The latest funding round that takes the startup’s valuation at more than US$1 billion also saw participation from existing institutional investors including Trinity Ventures, Insight Partners, Madrona Venture Group, and Shasta Ventures.
CommerceIQ plans to use the fresh funding to expand its business globally, including India. It will also focus on accelerating the development of its unified Retail Ecommerce Management Platform that connects and automates data and decisions across the complete ecommerce stack to power intelligent, profitable growth for leading global brands. The company said that it will also invest in hiring new talent in India for its expansion across software development, product operations, data science & analytics, and customer support.
The company has recently announced its go-to-market expansion to service brands in the Indian market and for that it has tweaked its algorithmic components to optimally respond to shoppers’ behavior on local retailers such as Amazon and has added support for local websites such as Flipkart.
“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,” said Priya Saiprasad, Partner at SoftBank Investment Advisers.
“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,” said Guru Hariharan, Founder and CEO of CommerceIQ.
Founded in 2012 by Guru Hariharan CommerceIQ offers Ecommerce Channel Optimization (ECO), the practice of using analytics, machine learning, and automation to optimize the ecommerce channel across the supply chain, marketing and sales operations. With this it helps trusted brands gain shoppers at the moment of purchase and maintain customer loyalty
CommerceIQ has been adopted by leading consumer brands. It has a team of more than 150 people in its Bengaluru office in India and is expected to nearly double that by the end of the year.