Channel IQ Closes $12 Million in Funding to Build Largest Retail/Ecommerce Intelligence Catalog & Network
Chicago, IL (PRWEB) November 07, 2013 -- Channel IQ – the central place for retailers and manufacturers to manage ecommerce activity – announced today that it raised $12 million of funding from Drive Capital.
According to Channel IQ CEO Wes Shepherd, the company will use the infusion in cash to accelerate its development of the world’s largest retail data exchange. The platform connects manufacturers and retailers providing unprecedented access to sales, pricing information, and product catalogs, as well as market and competitor insights.
“Big data isn’t enough. We need smart data … actionable data,” explained Shepherd. “Data we find either represents a problem or an opportunity. We help manufacturers and retailers follow the data to its logical conclusion – a business action that that produces more profitable relationships.”
After launching in 2009, Channel IQ has evolved into an e-commerce big-data hub, helping retailers and manufacturers connect billions of meaningful data points to deliver actionable insights. The platform increasingly focuses on CRM aspects of daily channel management, brand management and data exchange between partners.
“Wes and the Channel IQ team have built a truly innovative approach to online commerce. Anytime we see products like Channel IQ's make manufacturers and retailers more successful, we get excited about the prospects for building a massive company,” said Chris Olsen, Drive Capital partner.
With 800% revenue growth since 2010, Channel IQ works with hundreds of major global brands in every category of goods. Companies like Panasonic, LG, Philips and New Balance use Channel IQ to monitor daily e-commerce activity and improve their retail channel relationships.
"Since partnering with Channel IQ, we have been impressed with their constantly improving technology and suite of services,” said Mike Foss, eCommerce Operations Manager for Stanley Black & Decker, Inc. “This capital investment will undoubtedly continue the trend of providing clients with best-in-class ecommerce solutions. The data from Channel IQ makes analysis easy and allows us to make informed, strategic decisions based on facts."
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ABOUT CHANNEL IQ
Channel IQ is the leading provider of online retail intelligence, channel management, and brand protection solutions to manufacturers and retailers. Channel IQ provides on-demand online promotion and pricing information, empowering major manufacturers like Olympus, LG, Panasonic, Wüsthof, and Tumi to quickly and profitably handle channel issues and brand protection situations. Only Channel IQ combines integrated reporting, interactive applications and automated solutions to enable clients to act on their data. Channel IQ solutions are the result of cutting edge technology combined with decades of industry experience in channel management, distribution, online retail and manufacturing. For more information, visit http://www.channeliq.com.
ABOUT DRIVE CAPITAL
Drive Capital is a venture capital firm investing in technology, healthcare and consumer companies in the Midwest. The firm partners with innovative entrepreneurs addressing global market opportunities. Drive Capital provides resources to help entrepreneurs get more of the things that matter most: customers, talent, experience and capital. Learn more about Drive Capital at http://www.drivecap.com.
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Heather Whaling, ChannelIQ, http://www.channeliq.com, +1 614.364.2888, [email protected]
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