CommerceIQ has successfully raised $195.5 million over four funding rounds, achieving a valuation of over $1 billion. The platform focuses on helping consumer brands grow their retail e-commerce market share and profitability through machine learning and algorithms.
Keep reading to explore the intricacies of CommerceIQ's fundraising journey and the investors backing this innovative platform.
What Is CommerceIQ?
CommerceIQ, founded in 2012, is headquartered in Seattle, United States, with additional locations in India. The company was established by Guru Hariharan and is dedicated to providing intelligent automation for profitable e-commerce growth.
CommerceIQ's platform helps consumer brands accelerate their retail e-commerce market share and profitability through machine learning and algorithms. The company offers a Retail Ecommerce Management Platform that automates the management of retail e-commerce channels like Amazon, Walmart, and Instacart.
Currently, CommerceIQ employs between 501-1000 people and is in a hyper-growth mode, having recently raised Series D funding at a unicorn valuation. The company continues to expand its operations and product offerings to meet the evolving needs of the e-commerce industry.
How Much Funding Has CommerceIQ Raised?
- Series A Round
- Amount Raised: $8.5 million
- Date: July 16, 2014
- Lead Investors: Madrona Venture Group and Trinity Ventures
- Motivation Behind the Round: To expand the engineering and go-to-market teams, and to build additional retail applications on top of its platform.
- Series B Round
- Amount Raised: $12 million
- Date: January 14, 2016
- Lead Investors: Shasta Ventures
- Motivation Behind the Round: To capitalize on the momentum built in the market, cement the success of existing and future customers, and accelerate building out the team with a unique DNA combining data science and e-commerce.
- Series C Round
- Amount Raised: $60 million
- Date: June 22, 2021
- Lead Investors: Insight Partners
- Motivation Behind the Round: To power e-commerce growth for the world’s leading brands using CommerceIQ's algorithmic e-commerce platform.
- Series D Round
- Amount Raised: $115 million
- Date: March 21, 2022
- Lead Investors: SoftBank Vision Fund 2
- Valuation at Round: Over $1 billion
- Motivation Behind the Round: To accelerate R&D and M&A activities, and to expand into Europe and Asia Pacific regions.
Total Amount Raised: $195.5 million
Current Valuation: Over $1 billion
Key Investors
- SoftBank Vision Fund 2
- Details: SoftBank Vision Fund 2 is a venture capital fund managed by SoftBank Investment Advisers. It focuses on large-scale investments in technology-driven companies.
- Investment Focus Areas: Technology, AI, e-commerce
- Notable Investments: Uber, WeWork, DoorDash
- Insight Partners
- Details: Insight Partners is a global software investor that partners with high-growth technology, software, and Internet startup companies. The firm has a strong track record of helping companies scale.
- Investment Focus Areas: Software, Internet, technology
- Notable Investments: Shopify, Twitter, DocuSign
- Trinity Ventures
- Details: Trinity Ventures is a venture capital firm that focuses on early-stage investments in technology and consumer companies. The firm has a history of backing successful startups.
- Investment Focus Areas: Technology, consumer, SaaS
- Notable Investments: Starbucks, New Relic, Zulily
- Shasta Ventures
- Details: Shasta Ventures is a venture capital firm that invests in early-stage technology companies. The firm is known for its hands-on approach to helping startups grow.
- Investment Focus Areas: Enterprise technology, consumer technology, SaaS
- Notable Investments: Anaplan, Nest, Mint
- Madrona Venture Group
- Details: Madrona Venture Group is a venture capital firm that focuses on early-stage technology companies, particularly in the Pacific Northwest. The firm has a strong network in the e-commerce space.
- Investment Focus Areas: Technology, e-commerce, cloud computing
- Notable Investments: Amazon, Smartsheet, Redfin
What's Next for CommerceIQ?
CommerceIQ is poised to seize significant opportunities by expanding into Europe and Asia Pacific, leveraging the $4.5 trillion retail industry with $1 trillion flowing through e-commerce. The company’s algorithmic platform, already managing $1.1 billion in sales, is set to drive further growth as e-commerce penetration increases globally.
Future fundraising rounds seem likely, given the continuous growth in e-commerce and the need for advanced infrastructure. The company has already raised substantial capital, and its momentum suggests more investment opportunities ahead. However, challenges such as competition and the need for constant innovation could pose hurdles as CommerceIQ scales its operations.
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