SmartCommerce, a leading provider of data-centric, AI-assisted SaaS solutions for the Consumer Packaged Goods (CPG) industry announced that it has closed a $13 million growth financing led by Argentum Capital Partners IV, L.P., with First Analysis Corporation also participating.
In connection with the financing, Walter H. Barandiarán, Managing Partner at Argentum, has joined the SmartCommerce Board of Directors.
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“As investors with extensive experience in eCommerce tech, Argentum has seen the COVID pandemic accelerate the need for applications that drive real results with consumers wherever they are, particularly beyond the retail store”
SmartCommerce’s industry-leading data & technology platform ingests and optimizes valuable real-time data, including product availability, location and pricing, for millions of CPG SKUs, enabling SaaS solutions that dramatically accelerate eCommerce for CPG brands and their retail partners by removing friction that has historically limited CPG online commerce.
The Company’s Click2Cart® platform is used by top CPG brands and their agencies, to enable consumers to save/cart products from any digital impulse point such as ads, videos, social media, influencers’ platforms, emails, websites, magazines and product packaging, into carts of a network of over 500 retail partners globally, including Amazon, Walmart, Target, and Instacart.
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“Understanding that the real challenge to CPG eCommerce has been data availability and accuracy, our Click2Cart® applications have been built from the data core outward. We spent two years building a continually-updating data engine before we approached our first client. As a result, our applications provide the frictionless experience required by consumers in the always-changing CPG/FMCG space – which lets our client partners drive substantial incremental volume without increasing their spend,” said Jennifer Silverberg, SmartCommerce CEO.
SmartCommerce recently announced that consumers have used Click2Cart to drive over $1Billion of products into carts in the last 12 months.
“As investors with extensive experience in eCommerce tech, Argentum has seen the COVID pandemic accelerate the need for applications that drive real results with consumers wherever they are, particularly beyond the retail store,” said Walter Barandiarán, Argentum’s Managing Partner. “Several technologies are working to address this segment, but SmartCommerce is the only one bringing the needed data-centric rigor – their data core is scalable, strong, and incredibly flexible,” Walter added.
“We look forward to working with Walter and Argentum and leveraging their domain knowledge, partnerships and experience in the eCommerce ecosystem. Argentum is known for their expertise in partnering with companies to accelerate growth, and we are excited to have them as active partners as we build our sales team, accelerate our product development and expand the market reach of our platform,” added Silverberg.
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