US-based e-commerce automation platform CommerceIQ completed a $115m series D round led by internet and telecommunications group SoftBank’s Vision Fund 2 yesterday.
Insight Partners, Trinity Ventures, Shasta Ventures and Madrona Venture Group all took part in the round, which took the company’s valuation past the $1bn mark and its total funding to nearly $200m.
Founded in 2012 as Boomerang Commerce, CommerceIQ has built an online retail management platform that uses machine learning algorithms to automate e-commerce operations such as marketing, supply chain and sales.
Some 2,200 consumer brands including Nestle, Colgate and Whirlpool are among CommerceIQ’s customers. The cash will be used to expand its presence globally and further improve its platform.
Insight Partners led a $60m series C round for CommerceIQ in June 2021, investing alongside Trinity Ventures, Shasta Ventures and Madrona Venture Group to take its funding to $81m altogether.
The company (then known as Boomerang Commerce) had secured $12m five years earlier in a series B round led by Shasta Ventures and backed by Madrona Venture Group and Trinity Ventures.
Technology media brand TechCrunch selected CommerceIQ as a finalist for its Disrupt in New York programme in May 2014, came two months before a $8.5m series A round co-led by Madrona Venture Group and Trinity Ventures.
Priya Saiprasad, a partner at SoftBank Investment Advisers, the subsidiary that manages the corporate’s Vision Funds, is joining CommerceIQ’s board of directors. She said: “As e-commerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online.
“We believe that CommerceIQ can provide companies with a substantial edge by harnessing the power of algorithms and automation to supercharge their online presence.”
