DAVIS, Calif., Dec. 2, 2021 /PRNewswire-PRWeb/ -- Engage3, the leading provider helping retailers and brands profitably grow revenue and drive store trips by tracking and optimizing their Price Image, today announced that it has closed a $35M Series D round of growth financing to bolster its market leadership and accelerate global expansion. This round is led by Arrowroot Capital, a leading US growth equity firm specializing in B2B SaaS, with additional participation from Sweetwater Private Equity and existing investors including Black Diamond Ventures.
Engage3 will use the growth financing to further execute on its roadmap as well as the below plans:
-- Global expansion across 30+ new countries
-- Enhancements to the company's Price Image Management Suite for:
- FMCG and non-FMCG retailers and brands
- Convenience & fuel retailers
- E-commerce retailers
-- Launching new products to measure and enhance trade promotions
-- Build further capabilities to continue serving the world's largest organizations, of which Engage3 already works with 6 of the top 10 largest global retailers
-- Doubling the team size to support and accelerate the above growth
As part of the new growth capital, Engage3 welcomes Matthew Safaii, Founder and Managing Partner of Arrowroot Capital, and Doug Bewsher, EIR at Arrowroot Capital who formerly served as CEO of Leadspace and CMO of both Salesforce and Skype, to the company's Board of Directors.
"We have been tracking Engage3 for almost 5 years and have been very impressed by how well they have executed during that time," said Safaii. "The company's tremendous year-over-year growth rate, the criticality of the business problems their solutions address, and the massive market opportunity ahead of them led to this being an easy investment decision for us."
"Price optimization, Price Image Management and omni channel competitive intelligence are increasingly critical skills for retailers of all sizes to master," commented Doug Bewsher. "Engage3's leading intelligence platform, real time data analytics, and amazing roster of world class customers, position them to continue to lead this category and help clients use data and AI to transform their pricing strategies."
"This growth round will allow us to unlock tremendous value for our customers as we accelerate our investments in our Price Image Management Suite," said Edris Bemanian, CEO of Engage3. "Arrowroot's reputation and expertise precedes them. We are incredibly proud and excited to bring them on as our newest investors to lead this round."
Existing Engage3 investors include The March Fund, Pereg Ventures, Moneta Ventures, Wells Fargo, NewRoad Capital Partners, Swift Communications, The McClatchy Company, and angel investors including the Founder of Sleep Train/Mattress Firm.
About Engage3
Engage3 was founded by the creators of KhiMetrics (acquired by SAP), who are credited with inventing the retail price optimization space. Engage3's leadership team is composed of former KhiMetrics, SAP, Revionics, dunnhumby, KSS Retail, IBM/DemandTec and Nielsen executives.
Engage3's Competitive Intelligence Management (CIM) is an AI-assisted, attribute-based, and data science-driven solution that provides accurate, granular competitive data (30 billion product pricing records collected annually in the U.S. and Canada) and like-item-linking visibility. CIM helps retailers reverse-engineer their competitors' pricing and assortment strategies across channels, markets, and items. Price Image Management (PIM) is a next generation pricing solution that defines the impact of strategic pricing alternatives and unlocks pricing recommendations based on a retailer's objectives for Price Image, sales, and profitability. Engage3's Price Image management solutions help retailers understand and manage their Price Image and align it with their sales and profitability objectives using predictive modeling. Learn more at http://www.engage3.com.
About Arrowroot Capital
Arrowroot Capital is a global growth equity firm based in Santa Monica, CA with offices also in Miami, FL, focused on minority, majority, and buyout investments in B2B software companies. The firm serves as a catalyst for growth-related initiatives by partnering with management and leveraging its deep enterprise software expertise to deliver meaningful, tangible value. Arrowroot targets initial equity investments in the range of $5 million to $50 million and
has the flexibility to pursue larger opportunities as well as a broad range of transaction types. Arrowroot also assists in targeting and executing add-on acquisitions for its portfolio companies to help drive growth and increased market position. Learn more at http://www.arrowrootcapital.com.
About Sweetwater
Sweetwater Private Equity is a boutique private equity firm headquartered in Encinitas, CA. The firm specializes in providing liquidity options to institutional investors of "mature" growth companies – high-margin business models with proprietary technologies and sustainable growth. Sweetwater makes minority investments in growth equity and lower mid-market buyout opportunities with an emphasis in technology, healthcare, and consumer sectors. Learn more at http://www.sweetwaterpe.com.
About Black Diamond Ventures
Founded in 1998, Black Diamond Ventures (BDV) is a venture capital firm headquartered in Los Angeles, CA with offices in Silicon Valley, CA. BDV invests in market-transforming technologies, focusing on multi-stage investments in the biotechnology, semiconductor, and big data sectors. The firm is led by partners, many of whom are former founders and operators of successful technology companies. Our firm has an established network of investors providing the technical experience that growing companies require. For over two decades, BDV has invested between $2 to $10 million in transformative companies and visionary founders. Learn more at http://www.bdventures.com.
Media Contact
Julian Green, Engage3, 916-837-6767, [email protected]
SOURCE Engage3
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