CommerceIQ operates in the digital retail management software segment. It confirms a new fund-raising activity of $115 million with a valuation exceeding $1 billion. The company has its headquarters at Palo Alto, and its client roster includes names like Kellogg’s and Johnson & Johnson. It helps them with the management and automation of their sales initiatives throughout channels such as Walmart.com, Amazon, and Instacart.
SoftBank Vision Fund 2 led this Series D funding round. The company had an earlier valuation of $350 million. Investors in the round included Trinity Ventures, Insight Partners, Madrona Venture Group, and Shasta Ventures. Guru Hariharan leads the company and its previous name was Boomerang Commerce. The name change took place in 2019 post the sale of its retail analytics division to Lowe’s Companies Inc. Often a name change is suggested to mark a change in leadership, sale or something as major as this funding,” says Maria Saenz, CEO at Fast Title Loans. CommerceIQ can increase a company’s digital presence by using automation and algorithms.
Hariharan states that the funds will help it accelerate swiftly, while tackling urgent requirements of bigger consumer entities for tapping their entire potential. The Partner at SoftBank Investment Advisers, Priya Saiprasad, feels that ecommerce growth will continue unabated, and there will be technical complications and higher competition in the space, making it difficult for more brands to stand out from the crowd. Saiprasad states that CommerceIQ may give an advantage to several companies through tapping the capabilities of automation and algorithms for boosting their digital presence. Saiprasad will also join the company’s board. Amy Albano, the CEO & Marketing Director of Fast People Finder, said that CommerceIQ has secured a new fund-raising activity of $115 million, enhancing their management and automation of their sales initiatives.