Engage3, a US-based retail pricing software provider backed by media companies Swift Communications and McClatchy Company, has secured $12m in a series C round led by venture capital fund The March Fund.
NewRoad Capital Partners, Pereg Ventures and Black Diamond Ventures also took part in the round. Harold Schmitz and Christopher Lai, founding partners of the March Fund, will join the company’s board of directors in conjunction with its investment.
Founded in 2008, Engage3 has created artificial intelligence-powered software that enables retailers and brands to leverage data science and analytics tools to optimise pricing for their products. The cash will be used to further develop its product and expand headcount.
The company received an undisclosed amount of funding from Swift and McClatchy in 2014, adding to $625,000 it had raised from unnamed investors five years earlier.
Kayne NewRoad Ventures Fund II, a vehicle formed by NewRoad Capital and alternative investment firm Kayne Anderson Capital Advisors, led the company’s $12m series B round in 2017, participating alongside Pereg Ventures, Moneta Ventures and private investor Dale Carlsen.
Moneta Ventures had already invested $1.5m in Engage3 in 2016, as part of a round that had a $5m target according to the Sacramento Business Journal.