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CommerceIQ turns Unicorn with $115 Million Funding Round

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CommerceIQ turns Unicorn with $115 Million Funding Round
23 Mar 2022
6 min read

News Synopsis

The retail e-commerce management platform CommerceIQ has raised $ 115 million in a Series D funding round led by SoftBank Vision Fund2. All existing institutional investors, including Insight Partners, Trinity Ventures, Shasta Ventures and Madrona Ventures Group, also participated in this round.

The company will use the raised capital to expand its business globally and to accelerate the development of its united retail e-commerce management platform. A significant portion of the funds will be used for hiring in India, including expansion in software development, data sciences and analytics, product operations and consumer support.

CommerceIQ uses machine learning, analytics and automation to aggregate data across sales, marketing and supply chain operations, helping brands gain shoppers at the moment of purchase and maintain customer loyalty. The unified platform of the company applies machine learning and automation across marketing, supply chain and sales operations to help brads boost the share of voice, minimise out of stock and prevent revenue leakage.

CommerceIQ claims that Nestle, Kellogg’s, Mondelez International, Colgate, Whirlpool along with more than 2,200 consumer goods leaders use its platform to grow their market share and profitability.

CommerceIQ has joined  Amagi, Hasura, LEAD, Mamaearth, Fractal, DealShare, Darwinbox among the companies that have gained unicorn status in the current calendar year. This is the second startup to become a unicorn in 2022 after a funding round from Softbank. Last month, Kirana's trading platform, Elastic Run, became a unicorn after receiving a $300 million funding round from a Japanese tech giant.