Crisp Raises $50M in Series B Extension as CPG Brands Rapidly Adopt a Collaborative Commerce Approach for Sales, Marketing and Supply Chain Management
Crisp has raised a total of $50M in new capital through a $20M Series B extension round and up to $30M in debt financing. Existing investors including Blue Cloud Ventures, FirstMark Capital, Spring Capital and 3L participated in the equity round. TriplePoint Capital LLC provided debt to refinance existing senior debt and to fund both operating activities and continued acquisitions.
“The portfolio of companies now on the Crisp platform is a testament to the mission-critical insights they deliver and the quality of their technology is light-years ahead of what was previously available in the market.”
Crisp previously raised a total of $60M in equity, bringing the total equity raised to $80M. The new funding will support the company’s aggressive growth efforts building on its recent acquisition of Atlas Technology Group, product development, and expansion into new markets and additional acquisitions.
Since its inception in 2017, Crisp has evolved its platform to provide brands and distributors with the latest store and shelf-level data from leading retailers. This data provides visibility into actual inventory and sales down to the exact location of every item. These insights enable brands and retailers to optimize the manufacturing, distribution, merchandising and marketing of CPG products through every retail channel. Brands are better able to forecast demand, maintain stock levels, avoid overstocks and markdowns, and match marketing spend to the local regions with the best sales potential.
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“FirstMark is committed to accelerating top-tier talent and has been a partner for Crisp from its inception,” said Rick Heitzmann, FirstMark Capital founder and partner. “The portfolio of companies now on the Crisp platform is a testament to the mission-critical insights they deliver and the quality of their technology is light-years ahead of what was previously available in the market.”
More than 700 CPG brands such as Mars, Hormel, Kraft Heinz, and Sanofi leverage the Crisp platform to strengthen relationships with retail partners by better supporting sales and inventory management across all channels. Crisp’s recent acquisition of Atlas Technology Group based in Bentonville, home of Walmart’s headquarters, added 100 large CPG enterprise customers to Crisp’s cloud-based platform.
“We invest in the types of technologies that are transforming industries. Crisp’s platform revolutionizes the way CPG brands approach their entire business, allowing them to meet real-time, localized demand across their entire network of retail partners,” said Rami Rahal, co-founder and managing partner at Blue Cloud Ventures. “Beyond this, Crisp enables CPG brands to dial in complex merchandising and marketing to focus spend where the return is most supportive of the business.”
“Our strong growth is a testament to the measurable and significant value Crisp provides. We solve real problems and help CPG brands strengthen sales, marketing, and their relationships with retailers,” said Are Traasdahl, founder and CEO of Crisp. “Accessing all data within a single platform is empowering brands to implement a collaborative commerce approach, where advanced analysis is improving forecasting, pricing strategies, inventory management, and expansion plans. We appreciate the significant support of Blue Cloud Ventures, Spring Capital, FirstMark and 3L in helping Crisp enhance our platform and meet the evolving needs of brands.”
