CommerceIQ, a startup with a platform that helps major CPG brands manage their ecommerce sales into retailers and marketplaces, has crossed the unicorn line with the closing of a $115 million Series D funding, bringing the company’s total valuation to more than $1 billion.
The company has raised a total of $200 million, including its Series C round in June of last year. It was led by SoftBank Vision Fund 2 with participation from existing investors Insight Partners, Trinity Ventures, Shasta Ventures and Madrona Venture Group. The funds will be used to expand globally and accelerate platform development.
CommerceIQ’s platform powers what it calls “retail ecommerce management,” with tools that automate ecommerce category analytics, retail media management, sales management and operations management. It has more than 2,200 clients including major CPGs such as Johnson & Johnson, Kellogg’s, Kimberly Clark, Bayer, Nestle, Henkel, Colgate and Mars, helping them improve sales, market share and profitability on marketplaces like Amazon, Walmart, Target and Instacart.
“Our mission is to empower brands to move from analog to algorithms,” said Guru Hariharan, CEO of CommerceIQ, who founded predecessor firm Boomerang Commerce, which was acquired by Lowe’s in 2019. “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%, driven by real-time optimizations that boost share of voice, minimize out of stocks and prevent revenue leakage.”
Through the new investment, Priya Saiprasad, a Partner at SoftBank Investment Advisers, will join the board of CommerceIQ.
“As ecommerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online,” said Saiprasad. “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.”
Investment dollars continue to pour into ecommerce startups as fund groups look to cash in on the multi-trillion-dollar opportunity. Examples from the past couple years include Pattern, which helps brands expand and grow revenue on marketplaces, CommerceIQ competitor Stackline, data orchestration software provider Tealium and ecommerce checkout platform Bolt.