Growth investment reflects strong market demand as company doubles customer count, launches new products, executes global expansion strategy, and increases valuation by 4x in 2021
Engage3, the leading provider helping retailers and brands profitably grow revenue and drive store trips by tracking and optimizing their Price Image, today announced that it has closed a $35M Series D round of growth financing to bolster its market leadership and accelerate global expansion. This round is led by Arrowroot Capital, a leading US growth equity firm specializing in B2B SaaS, with additional participation from Sweetwater Private Equity and existing investors including Black Diamond Ventures.
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Engage3’s leading intelligence platform, real time data analytics, and amazing roster of world class customers, position them to continue to lead this category and help clients use data and AI to transform their pricing strategies.
Engage3 will use the growth financing to further execute on its roadmap as well as the below plans:
— Global expansion across 30+ new countries
— Enhancements to the company’s Price Image Management Suite for:
- FMCG and non-FMCG retailers and brands
- Convenience & fuel retailers
- E-commerce retailers
— Launching new products to measure and enhance trade promotions
— Build further capabilities to continue serving the world’s largest organizations, of which Engage3 already works with 6 of the top 10 largest global retailers
— Doubling the team size to support and accelerate the above growth
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As part of the new growth capital, Engage3 welcomes Matthew Safaii, Founder and Managing Partner of Arrowroot Capital, and Doug Bewsher, EIR at Arrowroot Capital who formerly served as CEO of Leadspace and CMO of both Salesforce and Skype, to the company’s Board of Directors.
“We have been tracking Engage3 for almost 5 years and have been very impressed by how well they have executed during that time,” said Safaii. “The company’s tremendous year-over-year growth rate, the criticality of the business problems their solutions address, and the massive market opportunity ahead of them led to this being an easy investment decision for us.”
“Price optimization, Price Image Management and omni channel competitive intelligence are increasingly critical skills for retailers of all sizes to master,” commented Doug Bewsher. “Engage3’s leading intelligence platform, real time data analytics, and amazing roster of world class customers, position them to continue to lead this category and help clients use data and AI to transform their pricing strategies.”
“This growth round will allow us to unlock tremendous value for our customers as we accelerate our investments in our Price Image Management Suite,” said Edris Bemanian, CEO of Engage3. “Arrowroot’s reputation and expertise precedes them. We are incredibly proud and excited to bring them on as our newest investors to lead this round.”
Existing Engage3 investors include The March Fund, Pereg Ventures, Moneta Ventures, Wells Fargo, NewRoad Capital Partners, Swift Communications, The McClatchy Company, and angel investors including the Founder of Sleep Train/Mattress Firm.