DAVIS, CA - Engage3 is pressing the gas on its global expansion, as the retail partner announced it closed a $35 million Series D round of financing to bolster its market leadership. The round was led by Arrowroot Capital, with additional participation from Sweetwater Private Equity and existing investors including Black Diamond Ventures. To back this impending growth, the company announced the appointment of two new leaders to its Board of Directors.
“This growth round will allow us to unlock tremendous value for our customers as we accelerate our investments in our Price Image Management Suite,” said Edris Bemanian, Chief Executive Officer of Engage3. “Arrowroot’s reputation and expertise precedes them. We are incredibly proud and excited to bring them on as our newest investors to lead this round.”
Engage3 will optimize the new funds to fortify its blueprint for growth in several areas, including a global expansion across more than 30 new countries. The financing will also help implement enhancements to its Price Image Management Suite for FMCG and non-FMCG retailers and brands, convenience retailers, and e-commerce retailers and build further capabilities to continue serving top global retailers.
As it continues its upward growth trajectory, the company will also be launching new products to measure and enhance trade promotions, as well as doubling the size of its team to support this expansion.
This includes the appointment of Matthew Safaii, Founder and Managing Partner of Arrowroot Capital, and Doug Bewsher, Executive in Residence at Arrowroot Capital, to its Board.
“We have been tracking Engage3 for almost five years and have been very impressed by how well they have executed during that time,” said Safaii. “The company’s tremendous year-over-year growth rate, the criticality of the business problems their solutions address, and the massive market opportunity ahead of them led to this being an easy investment decision for us.”
Existing Engage3 investors include The March Fund, Pereg Ventures, Moneta Ventures, Wells Fargo, NewRoad Capital Partners, Swift Communications, The McClatchy Company, and angel investors including the Founder of Sleep Train/Mattress Firm.
“Price optimization, Price Image Management, and omnichannel competitive intelligence are increasingly critical skills for retailers of all sizes to master,” commented Bewsher. “Engage3’s leading intelligence platform, real time data analytics, and amazing roster of world-class customers, position them to continue to lead this category and help clients use data and AI to transform their pricing strategies.”
With an extra $35 million under its belt, ANUK will await Engage3’s impending growth in the retail space, so stay tuned.
