Engage3, an e-commerce startup, has announced raising $12 million in Series B financing. Investors included Kayne NewRoad Ventures Fund, Pereg Ventures, Dale Carlsen, and Moneta Ventures. In addition, this will place Doug Degn and Itzhak Fisher on the Board of Directors for Engage3.
Engage3 is a consumer engagement and competitive intelligence company that combines domain expertise, data science, and innovative technology. Their intelligence SaaS platform, called MissionControl, improves companies’ visibility and maximizes their return on investment (ROI). The platform is powered by predictive analytics, along with a historical product and pricing database, which has over 10 billion price updates a year and includes over 8 million UPCs over 32,000 retail locations.
“We’ve entered a new phase in the evolution of retail,” said Ken Ouimet, Founder, and CEO of Engage3, “and our continued traction in the market is a testament to the differentiating value we’re creating for our customers as we work with them to compete more profitably. We are incredibly humbled and energized to be joined by our new investors on our journey to transform retail pricing.”
Engage3 has marked a 200% year-on-year growth with services spread across 24 Tier 1 retails in North America and the United Kingdom. The company offers SaaS, AaaS, and DaaS offerings to their clients
“Simply put, Engage3’s platform to gather competitive pricing intelligence enables retailers to deliver thoughtful pricing,” said Doug Degn, Partner with KNRVII. “Thoughtful pricing – the idea of finding the balance between delivering the value that customers expect every day and achieving desired levels of profitability. This is no easy task in today’s ultra-competitive marketplace.”
Kayne NewRoad Ventures Fund provide growth equity funding to innovative and modern companies with demand-driven business models. They focus on markets in U.S. manufacturing, environmental, consumer healthcare, supply chain and logistics, retail, and consumer packaged goods. They consist of a joint venture between Kayne Anderson Capital Advisors and NewRoad Capital Partners.
Dale Carlsen is the Chief Philanthropy Officer of Mattress Firm Holding Corp.
Moneta Ventures is an early-stage venture capital group that primarily invests in companies in the software, IT services, healthcare, Internet and consumer services, health tech, mobile, and gaming sectors. Work Truck Solutions, Oddup, and SupportPay are other companies that they have recently invested in.
Pereg Ventures is an early-stage venture capital firm that focuses on finding and funding ambitious entrepreneurs with ideas that can change the way the world markets. Other investments in 2017 include Discuss. IO and Bringg.
“Engage3 is a great example of the type of founder-led businesses with domain expertise, that we like to invest in,” said Itzhak Fisher, Managing Partner of Pereg Ventures. “The competitive and promotional pricing intelligence platform that Ken and the team have developed over the last few years presented a great investment opportunity for us, and we're excited to support the company in their next chapter of growth.”
According to Engage3, this funding will be used to expand the team, accelerate deployment of the company’s B2B solution, and develop its multi-channel retail pricing platform.