Dun Laoghaire-headquartered digital commerce player Profitero – which counts Adidas and L’Oreal as clients – is eyeing the digital future of brands.
E-commerce analytics player Profitero has raised $20m in a Series B round and has brought in ad industry veterans to its management team to grow the business and define the future of brands.
The series B round was led by by Scaleworks, with participation from Conviction Capital.
“E-commerce was already on a major growth trajectory, but Covid-19 has sent it into hyperdrive by forcing consumers to adopt online ordering behaviours at a much faster rate”
Profitero is an e-commerce intelligence business for retailers and brands and tracks products across 8,000 online stores in 50 markets for 4,000 clients including Adidas, L’Oreal and General Mills.
Digital commerce keeps the C-suite awake at night
The company was founded in 2010 by Vol Pigrukh, Dmitry Vysotski and Kanstantsin Chernysh and is headquartered in Dun Laoghaire.
Bryan Wiener has been named CEO and Sarah Hofstetter is the president of Profitero. Both had been acting as advisors to Profitero’s board on its product roadmap and growth strategy since January.
CEO Vol Pigrukh, who co-founded the company in 2010, is stepping down from leadership as the new team comes on board. In addition to Wiener and Hofstetter, Sandor Palfy, former CTO of LogMeIn, has taken on the same role at Profitero.
“A decade ago, search and social media were the hot trends keeping CEOs and CMOs up at night; now it’s digital commerce. The pattern is the same: consumers are shifting behavior, and brands must follow suit or face irrelevance,” said Wiener, Profitero’s new CEO.
“The complexity and dynamic nature of e-commerce requires platforms like Profitero to ensure brands are putting the right product in the right place at the right time with the right level of promotion behind it.”
Brands that use Profitero are able to grow their Amazon sales 70pc faster than category competitors, on average, the company claims.
“E-commerce was already on a major growth trajectory, but Covid-19 has sent it into hyperdrive by forcing consumers to adopt online ordering behaviours at a much faster rate,” said Lew Moorman, Co-Founder and General Partner at Scaleworks.
“These major shifts in digital purchase behaviour have created a large opportunity for Profitero as one of the few platforms capable of helping brands optimis their digital businesses across thousands of retailer sites and at global scale. With Bryan, Sarah and Sandor onboard, Profitero has the veteran leadership it needs to remain the leading global innovator in the market.”
Written by John Kennedy (firstname.lastname@example.org)
Published: 23 April, 2020