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CommerceIQ raises $60M in Series C round

commerceiq funding

In a recent Series C funding round, CommerceIQ, an Algorithmic platform, closed a funding of $60 million led by Insight Partners.

Among others, investors like the private equity firm behind market-changing brands like Shopify, Twitter, Hello Fresh, and Wix took part in the Series-C round.

Their existing investors like Madrona Ventures, Trinity Ventures, and Shasta Ventures also participated in the round.

With an aim to maximizing brand revenue and profitability on Amazon, Walmart, Instacart, Target, and other online marketplaces, this fund aims at international expansion and product R & D.

CommerceIQ added through its statements that, they intend to add key people in departments such as data science & analytics, product operations, technical support, and software and product development. Moreover, significant scaling of its operations throughout India is also on the cards courtesy of such funding.

Guru Hariharan, the founder of this startup (2012), leverages analytics, machine learning, and automation to optimize the eCommerce channel across the supply chain, sales, and marketing functions to win the consumer at the moment of purchase and drive profitable market share growth.

Guru Hariharan, CEO of CommerceIQ, said, “With a 40 percent growth in e-commerce this year alone, it is imperative that brands apply automation and machine learning to manage their business online. 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 eCommerce, by harnessing real-time visibility to all aspects of the operation within a single source of truth to drive automation 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.

Nikitas Koutoupes, Managing Director at Insight Partners, who will be joining CommerceIQ’s board, said, “It is not necessarily obvious that most of the 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’s share of the eCommerce market in a post-pandemic world. We couldn’t be more excited to welcome CommerceIQ to the Insight portfolio.”

According to the company, more than 2,200 brands use their technology daily to pump up incremental sales (40% on average), increase the share of voice (20% on average), and enhance profitability (20% on average).

Until now they have raised $81 million and that portends its future growth as the category leader for algorithmic eCommerce management.

CommerceIQ has made and maintains a significant India presence in India, despite being headquartered in Mountain View, California, with more than 110 of its team members employed in its Bangalore location.

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