Algorithmic Platform CommerceIQ Closed Funding Round $60M Led By Insight Partners
- ByStartupStory | June 23, 2021
Algorithmic platform CommerceIQ closed funding round of $60M, the platform announced on Tuesday. This Series C round was led by Insight Partners the round also saw participation from existing investors, including Trinity Ventures, Shasta Ventures, and Madrona Ventures. CommerceIQ closed funding round and will use it for international expansion, product R&D, scaling India operations, and hiring.Alongside, they also intend to significantly scale its India operations, with additional key hires in software and product development, data science & analytics, product operations and support.
Guru Hariharan, CEO of CommerceIQ, said, regarding the funding “With a 40 percent growth in ecommerce 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.”
Nikitas Koutoupes, Managing Director at Insight Partners, the venture capital and private equity firm behind market-changing brands like Shopify, Twitter, Hello Fresh, and Wix, among others said that “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.”
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