CommerceIQ pushes its valuation past $1 billion
CommerceIQ, an e-commerce management platform provider, raised a $115 million Series D round led by Softbank Vision Fund 2, pushing its valuation to more than $1 billion, the company said.
- Other participants in the round include Insight Partners, Trinity Ventures, Shasta Ventures and Madrona Venture Group.
Why it matters: E-commerce tool providers, including Commercetools and Fabric, have raised tons of capital lately amid soaring demand for online retail purchases. Details: The company's CEO Guru Hariharan told me that revenue doubled in 2021 and is on pace to do the same this year.
- The company will grow by expanding existing partnerships with customers such as Colgate, Nestlé, Bayer and Johnson & Johnson, specifically in the areas of retail media, sales operations, category analytics and supply chain analytics, he said.
- CommerceIQ will also invest in agency partnerships to facilitate the digital transformation of its customers.
Between the lines: Proceeds will be plowed into overseas expansion and to speed the development of its e-commerce management platform, Hariharan said.
- CommerceIQ will also accelerate its product roadmap, partly via acquisitions.
- The company plans to hire in the areas of software development, data science & analytics, product operations and customer support, he added.