Toronto-based Askuity has announced the closing of a $2 million Series A for its retail analytics platform, which allows product companies to make better use of point-of-sale data it receives from retailers. The round was led by existing investor dunnhumby Ventures, as well as angel investors with a speciality in the retail space. The announcement follows a $1.8 million seed round in 2014.
“In the competitive retail market, retailers are increasingly looking to their product suppliers to help them improve customer satisfaction and loyalty,” said Raphi Savitz, portfolio manager at dunnhumby Ventures. “In driving lower out-of-stock rates, optimized product merchandising and improved marketing effectiveness, Askuity is empowering the sales and marketing teams of smart product companies to become even more valuable partners for their retailer customers.”
Currently, Askuity boasts customers like Salvatore Ferragamo, Philips, and Bauer. The company said it has grown revenue by over 600% in 2015. The company said it will use the funding to accelerate sales in new and existing markets.
“Askuity is the right solution for the growing number of forward-thinking product companies who want to make data-driven decisions when it comes to merchandising, planning and retail execution at store-level,” said Eric Green, CEO and co-founder of Askuity. “Some of our customers are new to retail analytics and have recognized the need to do more with their data, while others have adopted the Askuity platform as a step-change improvement in their existing analytics capabilities. Askuity’s easy-to-use platform is driving actionable insights and increased visibility across the organization, powering our customers’ businesses and boosting their bottom lines.”