This news comes on the heels of its Series D round. The funding will help CommerceIQ expand globally and accelerate platform development. Here are the top-line bullets you need to know.
CommerceIQ, an e-commerce infrastructure startup, has raised $115M in a Series D. The round drew participation from Insight Partners, SoftBank Group, and Trinity Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based CommerceIQ utilizes artificial intelligence (AI) and machine learning (ML) to help companies enhance the performance of their e-commerce channels and increase sales.
- The company caters to 2.2K brands, including Bayer, Colgate-Palmolive, Duracell, Nestle, and Hallmark. The company’s customer net retention rate is 140%.
- CommerceIQ saw its revenue, customer base, and employee count double in 2021. It is currently managing around $6B in e-commerce sales.
- The startup is supported by a team of over 150 employees, and it maintains operations across the US, Canada, Europe, and India.
Source: CommerceIQ
WHY DOES THE MARKET MATTER?
- The global e-commerce market is expected to reach a value of $16.22T by 2027, growing at a CAGR of 22.9%, according to Meticulous Market Research.
- Global e-commerce funding increased by 184% year-over-year (YoY) in 2021.
- E-commerce adoption has increased considerably amid the pandemic — in fact, e-commerce sales shot up 35% YoY in 2021, according to McKinsey. This has compelled retailers and brands to turn to e-commerce enablement tools to develop and enhance their digital properties.
- Given Amazon’s dominance in the online retail market, retailers are turning to solutions that enable them to differentiate their offerings through personalization, distinctive convenience, sustainability, and more.
