Datavations Closes $4.2 Million in Seed Funding to Scale Innovative Retail Analytics Platform
Datavations, Inc., a leading developer of market research software utilizing proprietary datasets, announced it has closed a fully-subscribed Seed Round of $4.2 million, providing capital to scale its Datavations suite of Retail Analytics tools. The company also added Tech Industry Sales veteran JR Becko as Chief Revenue Officer, to lead the company’s growth initiatives.
NEW YORK, Aug. 30, 2023 /PRNewswire-PRWeb/ — Datavations, Inc., a leading developer of market research software utilizing proprietary datasets, announced it has closed a fully-subscribed Seed Round of $4.2 million, providing capital to scale its Datavations suite of Retail Analytics tools. The company also added Tech Industry Sales veteran JR Becko as Chief Revenue Officer, to lead the company’s growth initiatives.
The round was led by Erik Brue of Nevcaut Ventures, and Sage Venture Partners, founded by Venture Capital industry legend Fred Warren. Brue and Warren have a track record of successful exits in Enterprise SaaS market segment.
“We started Datavations with a simple mission to democratize data access and enable transparency,” said Philip Odelfelt, CEO of Datavations. “Today, we are thrilled to announce that we have raised significant funding to continue delivering comprehensive and accurate market data to our customers, helping them make data-driven decisions across various sectors,”
Datavations will use the funds to further develop the functionality of the company’s market leading Commerce Alert Hub™ platform, along with executing its go-to-market strategy through cost-effective Sales and Marketing efforts. The company’s focus on the North America Home Improvement (HI) Segment accesses a USD $800B industry, with a Total Addressable Market (TAM) for the company’s solutions estimated at $2.6B.
Prior to the Seed Round Funding, Odelfelt and his team had engaged with leading providers in the HI market, many of which have seen dramatic increases in product performance from using the Commerce Alert Hub. Customers include but are not limited to, Saint Gobain, Masco, Spectrum Brands, Bosch , Masonite.
“When we first looked at the Datavations platform, we were a bit skeptical that a solution could deliver the actionable insights that they claimed it could,” said an Analytics Manager at a manufacturer of Lawn and Garden products. “However, through numerous live engagements with the data, we have seen substantial improvement in the way we track our competitive landscape and how we interact with our merchants. We could not be happier with the results.”
Datavations was founded by Odelfelt in 2020 to leverage his extensive experience in the Retail Analytics space. Odelfelt’s theory was that, while other industries have benefited from real-time data analytics to help improve profitability, Consumer Durables manufacturers did not have access to accurate, actionable information to make key decisions on assortment, pricing, and supply-chain strategies. These decisions affect the internal strategies of the manufacturers, as well as their ability to best service their retail partners with data driven research to explain why the inventory they supply will have success in the market.