Engage3, which helps retailers manage their Price Image through accurate competitive data, data science, and Artificial Intelligence-powered software solutions, today announced that it has closed a $12 million Series C round of financing. This round is led by The March Fund I LP (“The March Fund”), a venture capital fund investing in technology based businesses relevant to the global food sector and capable of radically improving consumer health and environmental sustainability.
Previous investors who joined this round include NewRoad Capital Partners, Pereg Ventures, and Black Diamond Ventures. As part of the financing, Dr. Harold Schmitzand Christopher Lai, founding partners of The March Fund, will join Engage3’s Board of Directors.
The company anticipates doubling year over year revenues in 2019 and plans to use the funding to accelerate product development, expand its staff, and scale up the company’s go-to-market initiatives. Engage3’s customers include eight of the top ten grocery retailers in the U.S.
“We are tremendously excited to partner with The March Fund at this next stage of our growth,” said Engage3 Founder & CEO, Ken Ouimet. “Their mission to accelerate the emergence of Food 3.0 by supporting companies with deep expertise in advanced data analytics, food science, and nutrition is aligned with our current product portfolio. Our vision of optimized pricing for personalized nutrition solutions create a shared win for consumers, retailers and manufacturers,” he added.
Engage3’s recent momentum and achievements include:
- Recognition as a top 1,500 firm for two consecutive years (2017 and 2018) in the Inc. 5000 “Fastest Growing Private Companies” in the U.S.,
- Identified as a Leader in International Data Corporation (IDC) Marketscape: Worldwide Price Optimization Applications 2019 Vendor Assessment,
- Winner of the Sacramento Business Journal’s 2019 Game Changer Award,
- Compound annual growth rate of 69% between 2015-2018,
- An acceleration in ARR growth to 66% in Q1 2019 from Q4 2018, and
- 96%+ customer retention rate and 100%+ revenue retention rate.
“We have been familiar with Engage3, the company’s leadership, and their foresight for many years,” said Dr. Harold Schmitz, a founding partner of The March Fund. “They are poised to drive new product and services opportunities for consumer health and environmental sustainability in the global food sector. The momentum behind their pricing solutions in the marketplace, their success in helping retailers simultaneously improve their Price Image and their profitability, and their vision to revolutionize retail pricing is especially compelling,” he added.
About The March Fund
The March Fund I LP is an early-late stage venture capital fund investing in companies developing new technologies in nutrition, biotechnology, and data analytics that have the potential to scale and transform the global food sector with respect to consumer health and environmental sustainability. The March Fund refers to this sector transformation as Food 3.0.
About Engage3
Engage3 was founded by the creators of KhiMetrics (acquired by SAP), who are credited with inventing the retail price optimization space. Engage3's leadership team is composed of former KhiMetrics, SAP, Revionics, dunnhumby, KSS Retail, and IBM/DemandTec executives.
Engage3's Price Image Management Suite™ helps retailers understand and manage their Price Image and align it with their sales and profitability objectives using predictive modeling. The suite includes Competitive Intelligence Management (CIM) - an AI-assisted, attribute-based, and data science-driven solution that provides accurate, granular competitive data (30 billion product pricing records collected annually in the U.S. and Canada) and like-item-linking visibility. CIM helps retailers reverse-engineer their competitors’ pricing and assortment strategies across channels, markets, and items. Also included in the suite is Price Image Optimization (PIO) – a next generation pricing solution that defines the impact of strategic pricing alternatives and unlocks pricing recommendations based on a retailer’s objectives for Price Image, sales, and profitability.
For more information, visit http://www.engage3.com.
