Competitor Price Monitoring Firm Profitero Raises €6 Million To Scale Insights For Supermarkets And FMCG Brands
Published on Jun 7 2014 12:23 PM in Technology
Online price monitoring firm Profitero has received almost €6 million ($8 million) in funding to scale insights for retailers and brands.
Profitero, the European market leader in online insights and eCommerce intelligence for retailers and brands, raised the finances from US venture capital firm Polaris Partners.
In line with this latest funding round, Profitero named Irfan Salim, a former chief executive with MarkMonitor, specialists in online brand protection, to its Board of Directors.
Salim said that Profitero’s vision is to become "the Nielsen of the online world” for global retailers and brands.
In solving a very real need, particularly for brands, Profitero is doing so with a highly scalable technology platform as opposed to “another people-intensive manual solution”, he explained.
Profitero provides visibility into the online sales channel via its web-based interface.
Clients obtain insights on brand price monitoring, product data quality and new product monitoring.
Profitero’s European supermarket clients include Waitrose and Ocado.
Speaking following the announcement, Vol Pigrukh, co-founder and chief executive of Profitero, said the company was excited to partner with Polaris.
With MarkMonitor and Profitero having very similar business models, Pigrukh said Irfan’s input and guidance will be highly valuable for Profitero to ensure it delivers the best service to both its US and global customers.
“We look to continue growing our business by 300% year-on-year.”
Profitero counts retail giants Staples and Sam’s Club among its current US clients, and is now looking to build on its north America business.
Check out our magazine's ongoing ESM-Profitero Pan-European Price Survey where we report on a selection of A-brand products and their varied prices across Europe.
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