Retail e-commerce firm CommerceIQ bags USD 115 Mn in Series D funding

CommerceIQ, a retail e-commerce platform, has reportedly bagged USD 115 million in a Series D funding round that was spearheaded by Softbank Vision Fund 2, now valuing the company over USD 1 billion.

The fundraising also saw participation from existing investors including Madrona Venture Group, Trinity Ventures, Insight Partners, and Shasta Ventures. The recent development comes after CommerceIQ secured USD 60 million in a Series C funding round, bringing the total fundraising in the last 12 months to USD 175 million.

According to sources close to the company, this investment would benefit CommerceIQ in expanding its business worldwide and accelerate the growth of its retail e-commerce management platform. The company intends to use the investments for hiring in India, software development, product operations, data science and analytics, and customer support.

For those unaware, the company was founded in 2012 by Guru Hariharan to leverage analytics, machine learning technologies and reinforce automation to optimize e-commerce channels across sales, marketing, and supply chain operations to account for consumer satisfaction and profitable market share growth.

CommerceIQ’s platform essentially connects and automates data as well as decisions across the entire e-commerce chain to reinforce profitable growth for leading global brands. The company was started to ensure that e-commerce companies have access to the supply power chain because unlike Amazon they don’t have a huge presence and spending power.

Partner at Softbank Investment Advisors, Priya Saiprasad stated e-commerce surge will make it tough for brands to stand out in the digital world, and by teaming up with CommerceIQ they intend to help brands win and supercharge their online presence by harnessing the power of automation and algorithms.

Sources confirmed that CommerceIQ has lately become the go-to choice for the largest first-party (1P) sellers on retail e-commerce channels, including Johnson & Johnson, Kellogg’s, Whirlpool, Mondelez International, Nestle, and Colgate.

Source Credits:

https://yourstory.com/2022/03/funding-alert-115million-series-d-funding-commerceiq-enters-unicorn-club/amp