CommerceIQ, the algorithmic platform that helps consumer brands win in e-commerce, has announced the closing of a $60M Series C funding round. The round will fund international expansion and product research and development focused on further maximizing brand revenue and profitability on Amazon, Walmart, Instacart, Target and other online marketplaces.
The company also intends to significantly scale its India operations, with additional key hires in Software and Product Development, Data Science & Analytics, Product Operations and Support.
“With a 40% growth in e-commerce this year alone, it is imperative that brands apply automation and machine learning to manage their business online,” said Guru Hariharan, CEO of CommerceIQ. “The tried and true methods that were perfected for brick and mortar simply do not work online. Our customers are using our platform to win in e-commerce, by harnessing real-time visibility to all aspects of the operation within a single source of truth to drive automations at scale.”
“The technology behind our award-winning platform was developed in India and our presence in the region is critical to sustaining our future growth. In the last two years in India alone, we have doubled our headcount and as we move forward, these operations will be a pillar of the overall growth of the company and our ability to deliver on our ambitious product roadmap. With such a talented and passionate team, we also expect India to be a cornerstone to our future market expansion into Asia-Pacific as a whole,” Hariharan added.
The funding round was led by Insight Partners, the venture capital and private equity firm behind brands Shopify, Twitter, Hello Fresh, and Wix, among others. Additional funding participation included existing investors: Trinity Ventures, Shasta Ventures, and Madrona Venture Group.
“We’re delighted to support CommerceIQ’s mission of fueling their customers’ e-commerce successes,” said Nikitas Koutoupes, Managing Director at Insight Partners who will be joining CommerceIQ’s board. “It is not necessarily obvious that most of digital commerce is thriving through indirect channels, like Amazon, Walmart and the like, with only 15% occurring through brands’ direct efforts. CommerceIQ’s unique focus on indirect channels is helping large brands deliver on the metrics that matter and win the lion share of the e-commerce market in a post-pandemic world. We couldn’t be more excited to welcome CommerceIQ to the Insight portfolio.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.